Year-End Bitcoin Treasury Scoreboard: 2025's Winners, Losers, and Surprises

The Bitcoin treasury sector entered 2025 with approximately 750,000 BTC across public companies and will end the year holding over 1,085,000 BTC — a net addition of more than 300,000 coins. That represents the largest single-year corporate accumulation in Bitcoin's history.

But all that aggregate growth masks a dramatic divergence. A handful of companies executed relentlessly while several lost their premiums, some sold holdings, and others have been transforming their strategies entirely. The year proved that treasury models face structural tests during volatility, separating disciplined operators from promotional plays that only worked during 2024 and 2025’s bull run.

Winners

Strategy dominated 2025 beyond any reasonable expectation.

The company entered January holding approximately 440,000 BTC and will finish December with 672,497 BTC — adding 232,497 BTC worth approximately $21 billion at average acquisition prices in 2025. Of all public companies buying this year, Michael Saylor’s firm comprises a staggering 77% of all purchases, demonstrating concentration that either signals healthy consolidation around the strongest operator or concerning dependence on one company’s capital markets access.

Moreover, the company’s November and December purchases alone (approximately 20,000 BTC combined) exceeded the total annual additions of the next 20 largest treasuries combined.

But the stock price tells a different story. Strategy peaked at $543 per share in November 2024, beginning the year in the $300-400 range with mNAV premiums above 2.0x. Now the company ends the year with share prices around $160 and mNAV compressed to 0.86x — a 14% discount despite holding more Bitcoin than ever.

Having its mNAV compressed to 0.86x from 2.5x — while shares have also plummeted over 50% in the past six months alone — represents a 63% decline in the premium that investors are assigning to Strategy’s model, which ultimately suggests that markets continue to reassess whether leveraged accumulation justifies valuation multiples.

Mid-tier success stories emerged alongside Strategy’s dominance.

American Bitcoin Corp launched its treasury strategy in May 2025 and has accumulated 5,098 BTC by year-end. The Trump family’s new mining company climbed to #20 globally while maintaining a significant 3.92x mNAV — a 260% premium that proves some companies can still attract significant investor enthusiasm.

Strive, meanwhile, topped 7,525 BTC (#14 globally) through aggressive SATA preferred equity issuance, demonstrating that its non-dilutive financing has allowed the company to accumulate in droves.

Losers

The collapse category reveals some fundamental structural fragility.

Nakamoto, the self-proclaimed Bitcoin treasury for Bitcoin treasuries, epitomizes a treasury in freefall: the company raised $763 million, including $563 million through PIPE financing, accumulated 5,398 BTC, then watched its stock collapse 99% to $0.38 from $34.77, triggering Nasdaq delisting notices in early December.

Nakamoto’s PIPE structure — selling shares to institutional investors at 20% to 40% discounts with 90 to 180 day lock-ups — created predictable selling when those shares unlocked, which crushed retail shareholders. NAKA now trades at a 0.36x mNAV (64% discount) and faces not only the possibility of losing its spot on the Nasdaq, but also having to resort to reverse stock splits, OTC delisting, or even worse, having to liquidate its Bitcoin.

Five companies reduced holdings during November, led by Sequans Communications, selling 970 BTC (one-third of its treasury). More than anything, these sales have strengthened bear arguments that claim treasuries lacking operational cash flow eventually face forced liquidations during times of market stress.

Indeed, the sellers share similar characteristics. They have small-scale operations, limited access to capital markets, their stocks trade at 0.30x-0.50x mNAV, and their business models revolve around burning cash faster than Bitcoin appreciates. November’s 1,883 BTC sold across five companies reduced net sector additions to just 10,761 BTC — the lowest month of 2025.

Surprises

Geographic expansion surprised the skeptics who believed treasury strategies only worked in U.S. capital markets.

Japan’s Metaplanet grew to 30,823 BTC (#4 globally), proving the model not only translates across regulatory environments but can be largely attractive in jurisdictions with punitive tax structures. European companies like Spain’s Vanadi Coffee (161 BTC) and Asian entrants , including Hong Kong’s CIMG (730 BTC) and Singapore’s Canaan (1,730 BTC) demonstrated that treasury adoption extends beyond American companies, although data quality and liquidity vary dramatically across markets.

And 2025’s quietest success story belongs to mining-based treasuries that have accumulated steadily regardless of market conditions. While capital-markets-dependent companies like Strategy and American Bitcoin grabbed headlines with massive spot purchases, miners like MARA, and Cango demonstrated the structural advantage of operational Bitcoin production. Cango, in fact, appeared in the top-five weekly buyers throughout Q4 2025 with consistent ~126 BTC weekly additions through mining.

That seems modest compared to Strategy’s 10,000+ BTC purchases, but in the end, it proved to be reliable during periods when equity markets froze and mNAV compression made dilutive issuance destructive.

Preferred equity emerged as one of 2025’s most important innovations in terms of financing. Strategy issued STRC, STRF, STRK, and STRD preferred shares throughout most of the year, raising hundreds of millions without diluting common stockholders. Still, November and December saw Strategy shift to 96% common stock issuance, suggesting preferred equity markets have tightened as Bitcoin declined and investor appetite for 10% to 15% fixed dividends waned.

Whether this represents temporary conditions or a permanent shift will define 2026’s capital raising strategies.

The mNAV landscape reveals stark divergence across the treasury sector.

By December, the median treasury trades at 1.47x mNAV — maintaining a 47% premium to Bitcoin NAV — while the average sits at 7.15x, heavily skewed by extreme outliers like Aker (83.9x), Coinbase (52.1x), and Block (53.4x). These outliers belong to operational businesses valued primarily for their core operations rather than Bitcoin holdings, distorting the sector-wide average.

Pure treasury plays allow us to see the real story emerge. Companies like Canaan (27.36x) and American Bitcoin (3.94x) maintained significant premiums, but dozens now trade at discounts ranging from modest (Strategy at 0.86x, MARA at 0.99x) to dangerous (CIMG at 0.27x, NAKA at 0.41x, Cango at 0.37x).

Among the top 100 treasuries, 21 companies trade below 1.0x mNAV. That means investors can buy Bitcoin cheaper through stock purchases than spot markets, yet they choose not to, signaling fundamental distrust in management, business models, or treasury commitment.

The year’s definitive lesson is that treasury models face a complicated trilemma when mNAV compresses below 1.0x. Companies must either issue dilutive equity and destroy per-share value (Strategy’s choice at 0.86x), stop accumulating and contradict the treasury thesis (the five November sellers’ capitulation), or shift to debt/preferred equity, creating fixed obligations during downturns (Metaplanet and Strive’s preferred issuance that may prove unsustainable if Bitcoin consolidates for 18 months or more).

There is no right answer — only tradeoffs that separate companies built for complete cycles from those dependent on continuous bull markets. The 2026 test will be whether any treasury model survives extended Bitcoin consolidation at $80,000-$100,000 without either abandoning accumulation or destroying shareholder value through dilution.