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Has the bitcoin treasury company bubble popped?

Bitcoin treasury company mania was a unique moment in time in early May 2025. However, shares are now fading as rationality returns.

Bitcoin price goes nowhere as corporates pass BTC around

There are at least a dozen explanations for why the price of BTC is refusing to rally in 2025. Here’s why BTC is so boring this year.

Despite corporate accumulation, record spot ETF inflows, and Donald Trump ordering a “Strategic Bitcoin Reserve,” BTC has rallied a mere 11%.

A year-to-date chart of gold versus BTC shows outperformance of the traditional safe haven asset amid geopolitical uncertainty.

Although companies with a bitcoin treasury have outperformed in prior years, they have underperformed in 2025 against basic benchmarks.