The number of Bitcoin treasury firms continues to rise, but announcing a BTC strategy no longer guarantees a share price pump. Strategy leads with 632,457 BTC, up over 2,200% since August 2020. 161 publicly traded companies hold over 1 BTC each, totaling 989,926 BTC, about 4.7% of Bitcoin’s supply.

GameStop, tied to meme finance, saw a 12% stock jump after announcing a 4,710 BTC purchase. However, shares have since fallen over 27% year-to-date. Empery Digital’s $500-million Bitcoin strategy saw a brief stock surge, but shares are down 80% in 2025.

Sequans Communications, after announcing a $200-million equity offering for Bitcoin purchases, saw shares drop to $0.91. Vanadi Coffee’s stock surged 300% after its Bitcoin plan announcement, but has since fallen back. Ming Shing Group, holding 833 BTC, plans to acquire 4,250 BTC, despite falling share prices.

K Wave Media, after a $1 billion BTC acquisition raise, saw shares drop to $1.85 post-Bitcoin purchase. KindlyMD and Nakamoto Holdings outperform with a successful merger for a Bitcoin treasury company. Convano, holding 365 BTC, outperforms Asian Bitcoin giants like Nakamoto Holdings and Metaplanet.

Read more at Cointelegraph: Why Bitcoin Pivots No Longer Guarantee a Stock Pump