Bitcoin Recently, Bitcoin has reached new record highs. However, many Bitcoin treasury firms have underperformed. Bitcoin’s price recently surpassed $120,000 but the shares of (Micro-)Strategy are still far below their peak. Do these companies have a chance to recover or was their time of success already over?
Bitcoin Treasury Companies: Massive BTC Holdings by 2025
Table of contents: Top Public Bitcoin Treasury Companies The report reveals that 79 companies have at least 100 BTC. This is almost 1 million Bitcoins, worth over $110 billion. This is a huge amount considering that most of these companies have only been accumulating Bitcoins in the last couple of years.
There are 23 companies in total. Active Bitcoin Treasury CompaniesThe group that is actively using finance techniques to increase capital for BTC acquisition, holds a total of 723,000 BTC, and it’s growing quickly. This group is dominated by (Micro-)Strategy, which has the highest allocation at close to 630,000 BTC.
The growing significance of Bitcoin in corporate balance sheets is highlighted by this massive institutional accumulation. Investors are beginning to wonder if the stock performances of these companies, which were once explosive, can continue.
Why Bitcoin Treasury Companies are underperforming by 2025
In recent months, the stock price of (Micro-)Strategy did not reflect Bitcoin’s growth. MSTR shares have been lagging behind BTC’s recent price retracement. While BTC hit a high of $543, MSTR is still trading at $330. In the last few weeks, all these Treasury companies underperformed Bitcoin.
The slowing accumulation is a key factor. Although (MicroStrategy) made a major purchase in July of 2025, it is clear from their Bitcoin Holdings Over Time It is clear that this year’s aggressive purchasing has been a lot slower than in years past. Investors may not be as willing to pay premium prices for stocks if they do not continue to accumulate.
Share Dilution and Bitcoin Treasury Companies Stock Prices
Micro-Strategy issues shares frequently to help raise money for Bitcoin purchases. This increases the total number of shares, but dilutes current shareholders. It also affects stock prices. In the period from 2020 to 2025 (MicroStrategy)’s shares diluted rose to more than 300 million. This is a reflection of how much capital was raised to purchase Bitcoin. This strategy was successful in increasing BTC reserves but it also limited share price appreciation.
A different picture is painted when you look at a company’s share price rather than their market capitalization. In July 2025 the market capitalization, or outstanding shares, reached new heights, following closely Bitcoin’s ascent. This heavy dilution has a negative impact on the share price.
Bitcoin Treasury Companies: NAV premiums and valuations in 2025
The premium paid by investors for their shares in relation to the Bitcoin value per share has dropped significantly. (Micro/Strategy was historically the only way for investors to leverage their Bitcoin exposure. It commanded an NAV premium. With dozens of Treasury companies and ETFs now available, this is no longer the case. “first mover” Advantage has decreased. The NAV premium will probably trend towards one as more companies use Bitcoin to store their reserves.
Treasury Companies, and their mNAV, will go through boom-bust cycles like all markets. According to (Micro-)Strategy, their own prediction for the end of year, which is based only on their current holdings with no additions or share issues, Bitcoin’s fair value would come in at $308 per share, with 1.00x its NAV. With continued accumulation (potentially reaching between 700,000 – 800,000 BTC) and a modest NAV premium of 1.75–2.25x, share prices could reach the $600–$880 range. This still seems to be a realistic possibility, especially if we see an S&P 500 inclusion in the coming months alongside a more sustained BTC upside move.
Bitcoin Treasury Companies Future: Investment Outlook 2025
Bitcoin treasury firms like (Micro-)Strategy are experiencing a tough period of performance, despite Bitcoin hitting new highs. The share price has been heavily impacted by factors such as dilution and slowing accumulation. Still, because they are responsible for locking up huge amounts of Bitcoin, the shares have a strategic importance. In certain phases of the market, however, there may be leveraged gains relative to BTC.
Investors need to temper their expectations. “easy outperformance” It is likely that the (MicroStrategy) days are over, with an increasingly mature and competitive market replacing them.
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Disclaimer: This is not financial advice. It’s just for informational purpose. Before making an investment decision, always do thorough research.
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Source: bitcoinmagazine.com
