Bitcoin Treasury Companies See Median 43% Stock Decline in 2025

Public companies holding cryptocurrency in their treasuries posted a median 43% stock decline year-to-date, underperforming Bitcoin's 7% drop and major equity indexes. More than 100 firms borrowed billions through convertible bonds to buy digital assets, creating mismatches between interest-bearing debt and non-yielding holdings. The financing structure has raised concerns about sustainability as volatility persists across the sector.