In 2025, many companies have increased their Bitcoin reserves, but their stocks have sharply decreased. This raises questions about the relationship between assets and shares.
Treasuries Keep Buying Bitcoin
In 2025, treasury companies are increasing their Bitcoin holdings every month. This indicates confidence from institutional investors planning to support Bitcoin long-term. However, despite the growth in reserves, the stock prices of these companies do not reflect similar optimism.
September's Difficulties for Bitcoin
Historically, September has been a challenging month for Bitcoin. Since 2013, its average return for this month has been about –3%. In some years, the losses were significantly larger. This has led traders to call September the 'September curse'.
Risks for Treasury Companies
While companies are accumulating Bitcoin in their treasuries, this also increases their risks. When Bitcoin prices drop, these companies' stocks typically suffer more severely. Decisions like raising capital, issuing new shares, or decreasing demand can also negatively impact stock values.
The rapid accumulation of Bitcoin in treasuries may appear as a sign of strength, but it actually carries significant risks. One negative market event could lead to a severe decline in the stock prices of these companies, even if the cryptocurrency itself remains stable.
