TechFlow, December 12 — According to DL News, in 2025 only one Bitcoin treasury company outperformed the S&P 500 index. Based on the latest report from BitcoinTreasuries.net, French company The Blockchain Group rose approximately 164% this year, compared to a 16% gain for the S&P 500.
Other major treasury companies performed poorly: Strategy declined by 12%, Metaplanet's stock dropped nearly one-third, and Nakamoto, which calls itself "the treasury company among crypto treasuries," plunged over 98% after raising more than $600 million. Currently, about 60% of Bitcoin treasury company investments are underwater.
Treasury company purchasing activity has sharply contracted, with only 28 companies buying Bitcoin in November, down 83% from 168 in July. Stock premiums have disappeared for firms like Strategy; it now trades at a 16% discount to net asset value, whereas two years ago investors paid a 7x premium for its shares. Analysts say, "The era of premiums is over—only disciplined structures and real business execution will survive."
