Despite a surge in Bitcoin treasury holdings by public companies and a 100% increase in asset value, the price of Bitcoin remains 8% below its all-time high and is only up 19% year-to-date, slightly outperforming the S&P 500. The increase in Bitcoin treasury holdings is due to companies shifting funds from private to public treasuries, not fresh inflows, leading to a reshuffling boost in equity valuations for public firms but doing little for Bitcoin’s spot price. Treasury-funded firms like Nakamoto, Strategy, Twenty One, Asset Entities, Semler, and MetaPlanet have seen their equities drop by 25%–71% from their 2025 highs.

Capriole Investments founder Charles Edwards noted that Bitcoin treasury firms had a significant single-day buying spree on July 31, but Bitcoin prices dropped shortly after these purchases. BeInCrypto reported that public firms holding Bitcoin almost doubled from 70 to 134 in the first half of 2025, acquiring 245,000 BTC, with companies in 27 countries adopting a Bitcoin strategy. Corporate treasuries and funds have acquired 371,111 BTC year-to-date, which is 3.75x more than all miners produced in the same period.

Read more at Yahoo Finance: If Bitcoin Treasury Companies Are Buying Billions, Why Is The Price Not Going Up?