Bitcoin Holdings Yield Mixed Results for Public Firms

Public firms have accumulated a substantial amount of Bitcoin, with 20 companies collectively holding over 773,000 BTC, valued at approximately $81.45 billion. This significant investment in Bitcoin has led to a mixed reaction in the stock market, with some firms experiencing notable gains while others saw their share prices decline. Metaplanet, for instance, reported a remarkable 7,963% increase in its stock value following its Bitcoin purchases. However, the majority of the firms that invested in Bitcoin did not see a similar surge in their stock prices, indicating a divergence in market reactions to these investments. This disparity suggests that while some investors view Bitcoin as a valuable asset, others remain skeptical about its impact on corporate performance. The varying stock reactions highlight the complex and evolving nature of Bitcoin's role in the financial landscape, as well as the differing strategies and risk appetites of public firms.

Among the firms that have benefited from their Bitcoin holdings, MicroStrategy stands out with a 2,621% increase in value since August 2020. The company, founded by Michael Saylor, is the largest corporate holder of Bitcoin with 592,345 BTC. Other firms that have seen significant gains include Boyaa and Exodus, with increases of 867% and 1,150%, respectively. However, not all firms have fared as well. GameStop, which reported BTC investment in May 2025, has dropped by 27%. Similarly, Block (formerly Square) has fallen 65% since October 2020, and Hut 8 has declined by 41% since December 2024. NexTech Holdings recorded the highest decrease of 73%.

Tesla, which owns 11,509 BTC, has experienced moderate returns of 21 percent since announcing BTC as the center of its December 2021 declaration. Meanwhile, Bitcoin Group SE and Semler Scientific have increased by 47.5% and 44.8%, respectively. The trend indicates that although it has become strategic to accrue Bitcoin, it does not imply good performance in the stock market. Other operational factors seem to dominate the reaction of the market concerning BTC holdings.

Several smaller-cap firms have delivered exceptional returns following the disclosure of BTC plans. The Blockchain Group, which owns only 1,653 BTC, has gone up a mind-blowing 3,357,873% to a current price of $5.93. Similarly, Semler Scientific, holding just 4,449 BTC, rose by more than 44 percent within a month. Boyaa, a stock listed in China Hong Kong, increased its shares to HK$0.69, which is an 867 percent increase compared to its shares in January 2024, HK$0.07. These findings show that the re-rating of smaller companies with a historically low valuation can be large following the announcements of crypto-centric treasury approaches.

However, the largest loss was recorded in Microcloud Hologram, which plunged by 89% although it had acquired 2,353 coins of BTC in March 2025. This difference in price action shows the nature of Bitcoin purchases, which can initiate volatility, yet not necessarily sustainable value. The mixed reactions to Bitcoin holdings among public firms underscore the need for a nuanced understanding of the asset's role in corporate strategy and its impact on stock performance. As more companies adopt Bitcoin, the market will continue to evolve, and investors will need to stay informed about the changing dynamics of this emerging asset class.