Most new BTC treasury stocks down at least 50% this year
On July 2, Protos asked whether the bitcoin (BTC) treasury company bubble had popped. At that time, the mania had already been cooling for weeks, with many companies trading decidedly lower than their initial days on public markets. Today, weeks later, additional data show things didn’t — and look unlikely — get any better. According to Bitbo, there are 43 BTC treasury companies launched this year that remain public today. This number of new listings in 2025 is conservative compared to other trackers such as Coinkite’s BitcoinTreasuries.net, yet Bitbo’s 43 treasury companies provide a decent sample of various stocks across the world’s exchanges. Of these stocks, all are trading below their highest price of the year. Some, of course, are trading worse than others. Specifically, the median percent change of the cohort from their year-to-date (YTD) high is -52.4%. Moreover, the majority (23, to be precise) of these BTC treasury companies are t...
