The number of Bitcoin Treasury (BTC) companies continues to rise, but announce a BTC strategy is no longer a guaranteed way to pump the price of a company’s shares.
The model was a pioneer for the strategy (previously Microstrategy), now the corporate headline that quotes the world’s largest stock market with 632,457 BTC at the time of writing. Since its first purchase in August 2020, the actions of the strategy have increased more than 2,200%.
As of Friday, August 29, 2025, 161 companies that quote each one hold More than 1 BTC, according to Bitcintrease.net. Together, they have 989,926 BTC, around 4.7% of the Bitcoin supply.
A wave of newcomers joined Bitcoin Treasury Club in 2025, but the market reaction has cooled. Some companies have diversified in Ether (ETH) in their place, while others have seen that their actions again exchanged at levels prior to the announcement, or even below.
Here is a look at some of those companies whose actions of actions has failed to maintain the rhythm of their Bitcoin ambitions.
Gamestop: It has 4,710 BTC
Gamestop’s fate has long been intertwined with Bitcoin and Crypto. In 2021, retail merchants in the Subnetdit R/Wallstreetbets caused a brief squeeze of Gamestop’s actions, pushing financial memes to the main current.
Almost at the same time, Memecoin Dogecoin (Doge) emerged in a wave of cultural exaggeration, online communities and tweets by Elon Musk.
On March 26, 2025, Gamestop announced his plan to invest in Bitcoin. Unlike 2021 memes pumps, Bitcoin could not recreate the same frenzy. Gamestop shares initially increased 12% in the ad and then reached a maximum of $ 35 per share on May 28 after the company revealed that it had acquired 4.710 BTC.
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But investors quickly sold the news in both events. On Thursday, their shares closed at $ 22.79, more than 27% in the year to date.
EMPERY DIGITAL: It has 4,019 BTC
Not all Bitcoin corporate buyers come with Gamestop’s background history; Many are not related to cryptocurrencies or blockchain. Microstrategy was a business intelligence software company before being a pioneer in Bitcoin Treasury bonds. Japan Metaplenet began as a budget hotel operator before the strategy play book in 2024 began to follow. Since then, the price of its shares has increased to 6,000%.
VOLCON, an electric vehicle manufacturer, announced A Bitcoin Treasury strategy of $ 500 million on July 17. Two weeks later, he renamed Emper Digital and adopted the EMPD ticket in Nasdaq.
Before the pivot, Emper’s shares mainly quoted between $ 6 and $ 7, well below its January maximum, $ 35. Bitcoin’s announcement briefly raised the shares to $ 21 on July 17, but the rally did not last. On Thursday, EMPD closed to $ 6.99, back in its usual range.
Sequans communications: it has 3,170 BTC
Sequans Communications, a French semiconductor firm that included in the NYSE in 2011 under the SQNS ticket, has a commercial history that resembles a dull cryptographic token: hot listings followed by long periods of investors.
At the beginning of July 2025, SQNS was drifting at $ 1.45 after a year of constant decline. His first Bitcoin purchase on July 10 briefly lit a demonstration, sending shares of up to $ 5.39 in the following days. But the impulse faded rapidly, already early August, the action had been reduced to $ 1.25.
On Monday, Sequans announced a capital offer in the $ 200 million market to finance their plans to accumulate 100,000 BTC by 2030. The news did not prevent the SQN from sliding; On Thursday, it closed to $ 0.91.
Vanadi coffee: has 100 BTC
Like many companies that resorted to Bitcoin, the Spanish coffee chain Vanadi Coffee was pushed to the strategy for financial difficulties. In 2024, the company reported 3.33 million euros ($ 3.9 million) in annual losses, compared to 2.87 million euros the previous year.
The Bitcoin Plan became official on June 29, and the next day, its shares increased to 1.09 euros, closing the month more than 300% of the opening price of 0.27 euro.
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In the mid -trade on Friday, August 29, 2025, the action had returned to 35 cents of euro. It has still increased 95.6% in the year to date, but 44% reduced from the same point in 2024.
Ming Shing Group: Has 833 BTC
Ming Shing Group, a construction and engineering company based in Hong Kong, appeared at Nasdaq in November 2024. Shortly after Bitcoin began to accumulate, making its first purchase on January 13, 2025, with 500 BTC. At the time of writing, it has 833 BTC.
After debuting in Nasdaq to $ 5.59 on November 22, 2024, its Bitcoin strategy initially brought the shares to a historical maximum of $ 8.50. Since then, the action has fallen to $ 1.85 at the end of Thursday.
On August 21, the company announced a $ 483 million agreement to acquire additional 4,250 BTC through an issue of shares. If it is completed, Ming Shing would become the largest head of Bitcoin Corporate in Hong Kong, surpassing Boyaa Interactive, which has 3,640 BTC and is currently located as the second largest public treasure in Asia behind Metaplanet.
The recent announcement briefly lifted the price of Ming Shing shares, although most profits were erased the same day.
K wave average: it has 88 btc
The South Korean entertainment company K Wave Media made its first purchase of Bitcoin in July 2025, but its shares have been slipped since then. The company has raised $ 1 billion for BTC acquisitions, but the shares remain under pressure.
The initial announcement occurred on June 4 in a commission of values and exchanges. presentationwhere K Wave revealed a capital purchase agreement waiting for $ 500 million with Bitcoin Strategic Reserve. The presentation also described the plans to operate ray network nodes and integrate BTC into its financial and consumption platform.
On May 13, Global Star Acquisition and K Enter Holdings completed a fusion of the Special Purpose Acquisition Company (SPAC) to form average K Wave. While Bitcoin’s subsequent strategy briefly lifted the action of his sale of jumps after space, the impulse faded quickly. Since the first purchase of the company’s BTC on July 10, the shares continued to decrease, closing to $ 1.85 on August 28, just below the level of $ 1.92 recorded on July 3, the day before its presentation of the Bitcoin Treasury.
Early success cases among Bitcoin Treasury companies
These cases show that announcing a Bitcoin strategy is still a barn Maria for companies with difficulties and does not guarantee lasting profits. Actions prices often increase in the news, but they are rarely maintained.
However, there are some rough digital diamonds. On May 12, the Kindlymd medical service provider announced plans to merge with Nakamoto Holdings to form a Bitcoin treasury company, now quoting in Nasdaq under the Naka ticket.
In recent months, Nakamoto Holdings has surpassed Metaplanet and has become the largest owner of Bitcoin de Public Negotiation, with 5,765 BTC.
The Japanese franchisor of the Convano Nail Hall has surpassed both Nakamoto Holdings and Metaplanet. At the time of writing, it has 365 BTC, which is a relatively small war chest compared to the tastes of Metaplanet and Nakamoto Holdings.
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