Bitcoin Treasury Stocks Plunge as Most Companies Lose Money

Over the past 18 months, most publicly traded companies that shifted to a Bitcoin (BTC) treasury strategy have lost money since their initial purchase announcements.

Nearly 200 global companies hold BTC, according to monitoring service Bitcoin Treasuries. Many of these companies adopted their digital asset treasuries during a brief mania in the summer of 2025.

By late July 2025, every new BTC treasury stock was trading below its highest price of the year, with a median drawdown of -52%. Since then, many stocks have declined more than 90%, and some have been delisted from trading entirely.