This year, only one Bitcoin treasury company outperformed the S&P 500

According to DLnews, this year only The Blockchain Group from France outperformed the S&P 500 index among 195 Bitcoin stock companies (with a 16% return), achieving a rise of 164%. Other major stock companies suffered significant losses: Strategy fell by 12%, Metaplanet's market value evaporated by nearly one-third, and Nakamoto plummeted over 98%. About 60% of the stock companies are currently holding positions at a loss.

In November, only 28 companies increased their Bitcoin holdings, a significant drop from 55 in October and 168 in July, representing an 83% decrease. These companies had raised billions of dollars by issuing stocks and bonds at high premiums to purchase Bitcoin, but as Bitcoin retreated 25% from its peak of $120,000, stock premiums collapsed across the board. Strategy's premium fell from seven times two years ago to a discount of 16%, while Metaplanet's premium dropped from 237% to 7%.