Bitcoin Treasury Stocks Post Negative Returns Despite Flat BTC

According to Protos, most listed firms that adopted Bitcoin treasury strategies have seen value decline over the last 18 months. The median return for the 20 largest stocks in this group is approximately -18%. Over the same timeframe, the price of Bitcoin increased by less than 3%.

By late July 2025, all newly launched Bitcoin treasury equities were trading below their yearly peaks. The median drawdown for these stocks reached -52%. The report indicated that performance worsened after that point. Five of the 20 stocks in the cohort shed more than half of their initial value.

Higher gains within the group were attributed to firms with diverse business operations. Tesla climbed 59.8% over 18 months, while Galaxy Digital gained 114% and Aker rose 181%. Bitcoin holdings represent just 0.4% of Aker’s total assets. Conversely, Fold Holdings dropped 91% since March 2025, and Exodus Movement fell 83%.

When measured from each company’s initial purchase announcement date, the results change slightly. MicroStrategy is up over 1,000% since its 2020 announcement. Boyaa Interactive gained 456% since 2024, and Metaplanet rose 476% following its 2024 shift. Among the 20 largest stocks, exactly half show positive returns when calculated from their respective announcement dates, with a median return of -15%.