Bitcoin treasury stocks have gone ice cold

Over the past 18 months, the vast majority of publicly traded companies that pivoted to a BTC treasury strategy have lost money since their initial purchase announcement. 

Globally, nearly 200 public companies hold BTC, according to monitoring service Bitcoin Treasuries, although most have small market capitalizations.

Many adopted their digital asset treasury DAT 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, and the median drawdown was -52%. Things have only deteriorated since.

Many stocks have now declined more than 90% to date, and some are even delisted from trading entirely.

Even Protos’ generous analysis below, charting the 20 largest BTC treasury stocks which have disproportionate positive performance among their far more numerous peers, shows 12 losses.

The top 20 bitcoin treasury stocks since March 2025

Relative to 18 months ago, the majority of non-mining BTC treasury stocks have negative returns. Mining stocks are excluded here due to their continuous acquisition of BTC through energy-intensive operations and consistent sales of BTC to pay for their power, infrastructure, and personnel.