Only One Bitcoin Treasury Firm Outperforms S&P 500 in 2025

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Bitcoin analysis shows only one Bitcoin treasury firm outperformed the S&P 500 in 2025. The Blockchain Group, a French firm, rose 164% against the S&P’s 16% gain. Other major players struggled: Strategy fell 12%, Metaplanet lost nearly a third, and Nakamoto dropped 98%. About 60% of Bitcoin treasury firms are in negative territory. Treasury buying activity dropped sharply, with just 28 companies buying Bitcoin in November, down 83% from July. Strategy’s stock now trades at a 16% discount to net asset value. Bitcoin news reports that analysts say the premium era is over—only disciplined firms with real execution will survive.
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