According to Cointelegraph on May 30, Bitcoin treasury companies are diverging into two categories: those with mature financial planning and those relying primarily on hype and promotion. Data shows 198 listed companies collectively hold approximately 1.25 million Bitcoin, with Strategy leading at 843,738 BTC.
Nakamoto (NAKA), a treasury company, saw its stock price drop 67% year-to-date and crash over 99% from its May 2025 high of $34. The stock touched $0.16 in April before completing a reverse stock split. Nasdaq issued a delisting risk warning in December 2025 due to the stock trading below $1 for an extended period.