BTC Treasury Stocks Plummet as Majority Suffer Substantial Losses

Over the past 18 months, nearly 200 public companies globally have invested in Bitcoin (BTC), according to monitoring service Bitcoin Treasuries. However, despite their hopes of profiting from this move, a significant majority of these companies have lost money since announcing their initial BTC purchases.

Many companies adopted a digital asset treasury strategy during the brief mania that swept through markets in the summer of 2025. By late July of that year, every new BTC treasury stock was trading below its highest price for the year, with a median drawdown of -52%. Since then, things have only gotten worse.

The top 20 Bitcoin treasury stocks, which include companies like Tesla and Galaxy Digital, have seen their prices decline by an average of -18% over the past 18 months. Some of these companies, such as Fold Holdings and Exodus Movement, have lost more than 90% of their value since March 2025.

Even Michael Saylor's $85 billion company, Strategy (formerly known as MicroStrategy), has seen its common stock price drop by half over the past year. The biggest winner among this group is Aker ASA, which is up 182% despite holding only a small portion of Bitcoin in its treasury.