Bitcoin disappointment: More and more BTC Treasury stocks are crashing

INFBusiness
18.09.2025
News

Michael Saylor has been demonstrating this with (Micro)-Strategy since August 2020, and dozens of companies have followed his strategy in recent months. It sounds incredibly simple: 1. Buy Bitcoin. 2. Profit from a rising share price. 3. Buy more Bitcoin.
But Bitcoin Treasuries are unlikely to be an automatic success. While the BTC price has gained 23 percent since the beginning of the year and MSTR shares are up 11 percent, some younger Saylor imitators are currently experiencing a shock.
KindlyMD (NAKA), originally a medical company, has been hit particularly hard, holding 5,765 BTC worth $670 million. Since the peak of the Bitcoin-driven euphoria at the end of May, NAKA shares have plummeted from around $25 to just $1.56—a 94 percent loss.
Both plans to dilute share capital to fund further BTC purchases and general investor fatigue with crypto treasury strategies are weighing on the company. Its current market capitalization is only $588 million, meaning risk-conscious speculators could even indirectly buy Bitcoin at a discount.
At other companies, too, investors' initial BTC euphoria has faded for the time being. Empery Digital, an electric vehicle manufacturer, announced its new Bitcoin focus in mid-July. After a brief upswing, EMPD shares plummeted by almost 65 percent. The company currently holds 4,081 BTC.
The infamous GameStop meme stock raised high hopes among many crypto investors when the first Bitcoin purchase was announced at the end of May. Disillusionment followed: Despite a large community, GME shares corrected by 26 percent and are trading at their lowest levels since February, even though the company is among the top 20 corporate holders with 4,710 BTC.
“Many of these stocks are very small and may be heavily traded when they make the Bitcoin announcement, but you have to keep it going,” Semler CEO Eric Semler explained in an interview with BTC-ECHO. So far, however, only a few publicly traded companies, apart from Strategy and Metaplanet, seem to have managed to do this.

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