Corporate Bitcoin Treasury Strategies Fail to Guarantee Stock Pumps, Analysis Reveals

Hong Kong – A recent analysis by Cointelegraph on August 29, 2025, indicates that adopting a Bitcoin (BTC) treasury strategy no longer guarantees a significant boost in a company's stock price. While early adopters like MicroStrategy saw substantial gains, a wave of companies in 2025 that pivoted to Bitcoin have experienced a muted or even negative market reaction. This trend suggests a maturation of the market where such announcements are met with increased scrutiny.

The report highlights that as of August 29, 2025, 161 publicly traded companies collectively hold 989,926 BTC, representing approximately 4.7% of Bitcoin's total supply. Despite this growing corporate interest, the stock performance of many recent entrants has failed to keep pace with their Bitcoin ambitions. This contrasts sharply with the "pioneering" success seen by firms like MicroStrategy, whose stock surged over 2,200% since its first BTC purchase in August 2020.

Several examples underscore this shift. GameStop, which announced its Bitcoin investment on March 26, 2025, initially saw a 12% stock jump, but its shares closed down over 27% year-to-date by August 29. Similarly, Empery Digital (formerly Volcon) and French semiconductor firm Sequans Communications experienced brief rallies after their Bitcoin announcements, only for their stock prices to revert to pre-announcement levels or decline further. Sequans Communications, for instance, slid to $0.91 after announcing a $200 million equity offering to fund Bitcoin accumulation.

Even companies like Spanish cafe chain Vanadi Coffee and Hong Kong's Ming Shing Group, which saw initial surges, witnessed their stock prices decline significantly from their peaks. K Wave Media, a South Korean entertainment company, also saw its shares slide despite raising $1 billion for BTC acquisitions. This data suggests that the market is now evaluating these strategies based on fundamental business impact rather than speculative excitement.

The analysis concludes that for many struggling firms, a Bitcoin strategy has become a "Hail Mary" pass that rarely yields lasting gains. While some "digital diamonds in the rough" like KindlyMD (now Nakamoto Holdings) and Japanese nail salon franchiser Convano have shown strong performance, they remain exceptions to the broader trend of diminishing returns on corporate Bitcoin pivots.