In 2025, only one Bitcoin treasury company outperformed the S&P 500 index

According to DL News, in 2025, only one Bitcoin treasury company outperformed the S&P 500 index. According to the latest report, French company The Blockchain Group has gained approximately 164% this year, while the S&P 500 index has increased by 16%.

Other major treasury companies performed poorly: Strategy declined by 12%, Metaplanet's stock price fell nearly one-third, and Nakamoto, self-proclaimed as "the treasury of crypto treasuries," plummeted over 98% after raising over $600 million. Currently, about 60% of Bitcoin treasury investments are in loss.

At present, treasury companies’ purchasing activity has significantly contracted, with only 28 companies buying Bitcoin in November, down 83% from 168 in July. The premium on stocks like Strategy has disappeared; Strategy is currently trading at a 16% discount to net asset value, whereas two years ago, investors paid a 7x premium for the stock. Analysts state, “The era of premiums is over; only disciplined structures and true business execution can survive.”