So far in 2025, only one Bitcoin treasury company's stock price has outperformed the S&P 500.

A report from BitcoinTreasuries.net indicates that in 2025, only one Bitcoin treasury company's stock price will outperform the benchmark S&P 500 index (with a year-to-date return of 16%). The only company to outperform the S&P 500 is France-based The Blockchain Group, whose stock price has surged approximately 164% since January 1st. Among other well-known Bitcoin treasury companies, Strategy's stock price has fallen 12%, Metaplanet's stock price has dropped by nearly a third, and Nakamoto, which raised over $600 million to purchase Bitcoin, has seen its market capitalization plummet by over 98%.