In 2025, Bitcoin news saw many companies adding to their Bitcoin treasuries every month. Some of them buy it as a core strategy.
Others use it as a reserve or as part of their long-term plan to attract investors. But their stocks, the shares of these companies that trade on the stock market, tell a different story.
In the past 10 weeks, many of these stocks have fallen between 50% and 80%. And that might not be coincidental.
Bitcoin Treasuries Keep Buying, but Stocks Keep Dropping
The Bitcoin held by treasury companies has expanded month after month in 2025.
This steady growth shows confidence from institutions that want to back Bitcoin in the long run. But their stock prices have not matched this optimism.
Take MetaPlanet, for example. It is one of the largest public companies that holds Bitcoin. In just 18 months, its stock went through 12 separate downturns.
A downturn means a period where the stock keeps losing value for days or weeks. On average, each of those drops was about 32%, and the longest one lasted almost four months, with the stock losing more than 78% of its value.
Here is the surprising part. Out of those 12 downturns, only 5 happened at the same time that Bitcoin itself was falling.
The other 7 had nothing to do with Bitcoin’s price. Instead, they were caused by decisions inside the company.
These decisions include raising money, offering new shares, or seeing less demand for its stock compared to the value of its Bitcoin holdings.
In simple terms, the company made moves that worried investors, and its stock suffered even though Bitcoin did not fall.
This shows an important truth: buying shares of a Bitcoin treasury company is not the same as buying Bitcoin itself.
When you buy Bitcoin, you only face the ups and downs of the coin. But when you buy stock in a company that holds Bitcoin, you face two risks at once: the Bitcoin price and the company’s own choices.
Bitcoin News: September’s Weak History Makes Things Harder
Bitcoin, in general, has a poor record in September. Since 2013, its average return for the month has been about –3%. In some years, the losses have been far worse.
For example, Bitcoin fell 19% in September 2014. Ethereum, the second-largest crypto, also fell 21% in September 2017.
Due of these repeated losses, traders often call it the “September curse.”
If Bitcoin drops again this September, treasury companies may feel pressure to slow down their buying. Their steady accumulation works only if Bitcoin avoids a sharp correction.
If Bitcoin falls by even 10% or 15%, the stocks of these companies could fall much harder.
They have already lost between 50% and 80% in the past 10 weeks, and a fresh slide in Bitcoin could make things even worse.
Why One Shock Could Hurt
The growth of Bitcoin treasuries in 2025 looks strong on the surface. Every month, they are adding more Bitcoin, showing clear faith in the asset. But this steady buying also increases their risk.
They are committing more and more capital at a time when Bitcoin has not broken its September curse.
For investors, this means caution is necessary. Treasury companies behave like Bitcoin on steroids.
When Bitcoin falls, they usually fall much harder.
And even when Bitcoin is steady, their stocks can still crash because of internal moves like raising funds or issuing options.
If September 2025 turns out to be another weak month for Bitcoin, the floor under these treasury stocks could vanish quickly.
The steady build-up may look like strength, but it is also fragile. One shock to Bitcoin could trigger outsized pain for the very Bitcoin treasuries that claim to believe in it the most.