Bitcoin treasury stocks face significant downturn

Over the past 18 months, most publicly traded companies that adopted a Bitcoin treasury strategy have seen their stock prices decline. According to Bitcoin Treasuries, nearly 200 public firms hold BTC, but many saw their value drop by over 50% since a market peak in mid-2025. Even among the 20 largest non-mining BTC treasury stocks, the median return is approximately -18%, with some companies experiencing losses exceeding 90% or facing delisting.