Is Bitcoin Too Risky for Corporate Treasuries? Over 50% of 2025 Adopters Now Deep in the Red

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Anais

2025/07/24 17:24

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Bitcoin Treasury Strategy Backfires As Over Half of Public Firms See Share Prices Halve

What was once touted as a bold move into the future of finance is now raising hard questions.

In 2025, 43 publicly listed companies decided to adopt Bitcoin as a treasury asset.

Fast forward a few months, and every single one of them is reporting declines from their yearly highs — with over half seeing their stock prices cut in half.

🚨 53% of Bitcoin treasury companies have lost over 50% of their stock market value

In 2025, 43 publicly traded companies decided to add bitcoin to their treasury as a reserve asset. However, according to data from Bitbo, all 43 are currently underperforming compared to the… pic.twitter.com/TDGRmJL5Y5
— Atlas21 (@Atlas21_news) July 24, 2025

Majority Of Bitcoin Treasury Stocks Have Lost Over 50 Percent

Data from Bitbo reveals a sobering trend: 23 out of 43 companies that added Bitcoin to their corporate balance sheets in 2025 are now trading more than 50% below their peak valuation this year.

The median drawdown for this group stands at a sharp -52.4%, signalling broad weakness in what was once seen as a bullish corporate move.

The majority of these companies (23 out of 43) are trading at least 50% below their year-to-date highs.

In total, there are 23 examples of public BTC treasury companies that have halved from their year-to-date high across global stock exchanges.
— Protos (@Protos) July 23, 2025

The widespread decline reflects the volatile correlation between Bitcoin’s price and the equities of companies holding it.

While many benefited from the cryptocurrency’s rise earlier in the year, the sudden downturn has magnified losses in ways traditional assets rarely do.

Cantor Equity Partners Becomes A Cautionary Tale

A clear example is Cantor Equity Partners.

Its shares spiked to $59.75 on 1 May after it helped form Twenty One, a new entity spearheaded by Bitfinex, Tether, and Jack Mallers.

That enthusiasm didn’t last.

As of now, shares have plummeted to $28.31 — a 52% loss from the highs.

Despite the initial market excitement, the stock could not withstand the crypto drag that followed.

Disconnection Between Bitcoin Holdings And Equity Value Deepens

Across the board, public firms holding Bitcoin are grappling with a serious mismatch between their digital asset valuations and their own market caps.

In several cases, companies are now worth less than the Bitcoin they hold, fuelling debate around the sustainability of this treasury strategy.

This disconnect is partly driven by accounting rules that force firms to disclose unrealised gains and losses each quarter, increasing the exposure of their equities to Bitcoin’s price swings.

While meant to offer transparency, the result has been volatile earnings reports and nervous investors.

MicroStrategy And Miners Defend Bitcoin Play Despite Market Hit

Despite being caught in the downturn, MicroStrategy’s Executive Chairman Michael Saylor remains unwavering.

Stay Humble. Stack Sats. pic.twitter.com/aQyxsTXdhO
— Michael Saylor (@saylor) July 20, 2025

But even MicroStrategy, a long-time Bitcoin evangelist, is among those now trading below its acquisition cost basis.

Meanwhile, firms like Marathon Digital Holdings and Riot Platforms have leaned on convertible debt to fund Bitcoin acquisitions — a strategy that adds financial complexity in already turbulent times.

Is Corporate Bitcoin Adoption At A Crossroads?

The ongoing correction is pushing a broader rethink of corporate Bitcoin adoption.

On paper, holding BTC as a treasury reserve was meant to future-proof balance sheets.

In practice, it’s exposing companies to extreme volatility, unclear valuation metrics, and shifting regulatory landscapes.

This adoption curve is nuts. It’s pretty mind blowing that today there’s 145 publicly traded companies actively buying Bitcoin... and growing every week. pic.twitter.com/WDfsIGXaiW
— Charles Edwards (@caprioleio) July 10, 2025

With half of 2025’s adopters now nursing major losses, the narrative is shifting from innovation to survival.

And with 78 global stock exchanges struggling to keep track of all the firms involved — not to mention the countless private companies holding BTC — the true scale of the impact remains murky.

Rethinking Risk In A Digital Asset Era

The numbers don’t lie — Bitcoin isn’t just volatile, it’s contagious.

As corporate balance sheets become more tied to its performance, entire equities are now riding the crypto rollercoaster.

For boards and investors alike, the question is no longer whether Bitcoin belongs in the treasury — it’s how much risk is too much.

When asset values swing harder than the business itself, what exactly is the company worth?

MicroStrategy

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Is Bitcoin Too Risky for Corporate Treasuries? Over 50% of 2025 Adopters Now Deep in the Red

Bitcoin Treasury Strategy Backfires As Over Half of Public Firms See Share Prices Halve

Majority Of Bitcoin Treasury Stocks Have Lost Over 50 Percent

Cantor Equity Partners Becomes A Cautionary Tale

Disconnection Between Bitcoin Holdings And Equity Value Deepens

MicroStrategy And Miners Defend Bitcoin Play Despite Market Hit

Is Corporate Bitcoin Adoption At A Crossroads?

Rethinking Risk In A Digital Asset Era

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