Bitcoin Treasury Stocks Run on Vibes

Bitcoin Treasuries Report, July 2025

When Bitcoin does well, you’d expect the public companies holding it on their balance sheets to benefit too. That’s exactly what happened over the past three months. And in many cases, they’ve done even better than Bitcoin itself.

But there’s a catch.

The range of returns among these Bitcoin treasury stocks is huge. Some barely moved. Others more than doubled. A few went full meme stock.

So if you were expecting a clean relationship between Bitcoin exposure and stock performance, you’re out of luck.

What’s driving these differences isn’t fundamentals. It’s perception, market narratives, sentiment, and positioning.

Let’s break it down.

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Bitcoin Treasury Stocks Run on Vibes

The Takeaway

Over the past three months, most Bitcoin treasury stocks have outperformed Bitcoin but with wildly different results.