The Bitcoin treasury playbook is losing its punch as these companies watch their share prices tumble back to earth.
The number of Bitcoin (BTC) treasury firms keeps on climbing, but announcing a BTC strategy is no longer a guaranteed way to pump a company’s share price.
The model was pioneered by Strategy (formerly MicroStrategy), now the world’s largest publicly traded corporate holder with 632,457 BTC at the time of writing. Since its first purchase in August 2020, Strategy’s stock has risen more than 2,200%.
As of Friday, Aug. 29, 2025, 161 publicly traded companies each hold more than 1 BTC, according to BitcoinTreasuries.net. Together, they hold 989,926 BTC — about 4.7% of Bitcoin’s supply.
