Smaller Treasury Firms See 97% Stock Loss from BTC Slide

• Small treasury firms hit hardest, with stocks down up to 97%.
• Mining companies prove resilience, despite BTC volatility.

On September 25, 2025, Cryptopolitan reported smaller treasury firms faced up to 97% stock declines due to Bitcoin volatility, while miners fared better thanks to diversification. This sharp divergence underscores the risks faced by smaller corporate treasuries adopting Bitcoin as a strategy and reveals an emerging disconnect between treasury company stock performance and Bitcoin's market price trends.

Smaller companies incorporating Bitcoin into their treasuries were the most exposed. Next Technology Holding (NXTT), which holds 5,833 BTC, saw its stock plummet by 97.6% from its 52-week high. Similarly, Coinsillium, holding a comparatively modest 182 BTC, recorded a 96.8% decline. Satsuma Technology, holding 1,448 BTC, dropped by 94.7%, while The London Bitcoin Company, with 85.97 BTC, fell 92.7%.

Larger treasury holders also experienced notable declines, though not to the extent seen by smaller firms. Metaplanet (MTPLF) recorded a 72.4% stock drop from its peak, the largest among major players. Twenty One Capital (XXI) followed with a 67.4% decline, while Strategy (MSTR) saw its stock value decrease by over 43%. These figures suggest larger firms are better positioned to manage Bitcoin-related volatility, though they are not immune to its impact.

Miners, particularly those with diversified operations, showed comparatively strong resilience during the downturn. CleanSpark (CLSK), which has expanded into data centers and energy agreements, saw its stock fall by only 19.6%. In contrast, miners with significant Bitcoin holdings, such as Mara Holdings, faced steeper losses. Despite holding 52,477 BTC, Mara's stock price declined by over 40%. These results highlight the protective potential of diversification against Bitcoin-related volatility, though it does not eliminate the risks entirely.

This trend highlights a growing disconnect between Bitcoin's price performance and the stock prices of treasury companies holding the cryptocurrency. While Bitcoin has fallen less than 14% from its recent peak, the stock prices of many treasury companies have plunged far deeper, exposing challenges in aligning BTC strategies with corporate stock performance.

As of September 25, 2025, 15:09 UTC, Bitcoin (BTC) is trading at $111,377.26, with a 2.03% decline in 24-hour trading value, as reported by CoinMarketCap.