Bitcoin Treasury Stocks Plummet as BTC Remains Flat

The performance of public companies that hold Bitcoin as part of their treasury stocks has been dismal over the past 18 months, while BTC itself remains relatively flat. The median return for the top 20 non-mining bitcoin treasury stocks is roughly negative 18%, with some companies losing more than 90% of their value since announcing their strategies.

Many public companies that shifted toward holding BTC have seen their shares fall sharply since making their announcements, particularly those that built their business story mainly around buying Bitcoin. Some have been delisted as a result of their poor performance.

The strongest performers among the 20 largest Bitcoin treasury stocks are companies with businesses beyond Bitcoin, such as Tesla and Galaxy Digital, which have gained 59.8% and 114%, respectively, over the period.