- The imitators and the broader context of the Treasury Department:

The growth of companies mimicking strategies continues, with more than 191 public companies holding Bitcoin in their treasury reserves, according to Bitcoin Treasuries data.

Many of these public companies follow a buy-and-hold strategy for stocks and bonds similar to Strategies, but mining companies like Marathon Digital (MARA) combine production with stock retention. Other companies, such as Metaplanet, have global appeal as an inflation hedge.

As with Strategy, the stock prices of these companies have fallen between 50% and 80% from their peak in 2025, and net asset value premiums are shrinking as Bitcoin's performance falls short of expectations. See the example in the chart below.

Stock prices of MARA, Metaplanet, and Twenty One Capital

A report from CryptoQuant indicated that Bitcoin treasury companies that raised capital through PIPEs have experienced significant declines in stock value, with stock prices often trending toward their PIPE issuance levels.

The analyst concluded that the ongoing rise in Bitcoin's price is the only potential catalyst to prevent further declines in these stocks. Without it, many are expected to continue falling toward or below their private market prices.