Bitcoin treasury stocks have gone ice cold
- —Nearly 200 public companies globally hold BTC, most with small market caps
- —Median 18-month return of the 20 largest BTC treasury stocks is about -18%
- —Fold Holdings lost 91%, Exodus Movement 83%, Strategy roughly 50%
- —Diversified names outperformed: Aker +181%, Galaxy Digital +114%, Tesla +59.8%
Why it matters: The 'buy BTC with borrowed money to pump the stock' model has stopped working as premiums to NAV keep falling and investors reprice the risk.
Source: Protos