In a world where financial markets navigate between geopolitical uncertainty and searching for high performance assets, companies associated with Bitcoin (BTC) and Cryptoactive emerged as protagonists in 2025.
Bitcoin reaches a new historic maximum, overcomes USD 111,000 and overcomes iconic companies in this industry, such as Strategy (formerly MicroStrategy), Digital Marathon, Coinbase, Metaplanet They showed a different trajectory, from explosive profits to significant losses.
This rise is not without obstacles. The tariff war promoted by the US between February and April created turbulence in global markets, temporarily affecting the price of Bitcoin.
However, a robust recovery in May, driven by a partial ceasefire of commercial tensions with China and a boom in institutional and retail investments, both directly and through Bitcoin ETFs, led the currency to a new maximum.
Unlike companies, Bitcoin provides direct exposure and eliminates risks associated with corporate factors such as operating costsstrategic decisions or specific regulations.
That volatility remains a factor to consider, This is significantly lower than some Bitcoiner companieswhich has become an attractive option for investors looking for relative stability in the world of digital assets.
This analysis Four companies representing different niches within the Bitcoin industry, each with a unique approach This allows us to explore how different sectors are affected by currency fluctuations. This diversity provides a complete panorama of how Bitcoin and its associated companies work in different contexts within the ecosystem.
Strategy: Use with calculated risks
Strategies, premembranous microstrategy, It has become a benchmark for investors interested in similar exhibits on Bitcoin.
Under the direction of Michael Saylor, a stubborn advocate for digital currency, the company employs an aggressive Bitcoin accumulation strategy funded by 0% convertible bonds and new action emissions.
Currently, the strategy has 576.230 BTC. Does the Ministry of Finance position Bitcoin as the public contribution company with the largest ownership of Bitcoin?. This week, the company announced plans to broadcast preferred stocks up to US$2.1 billion with a 10% dividend aimed at financing new Bitcoin purchases.
The performance of strategic actions reflects a clear positive correlation with Bitcoin price. Between January and May, MSTR shares rose 33%, showing solid accumulation yields until May 23rd. In comparison, Bitcoin has increased by 16% over the same period.
Strategies also measure their performance through «BTC yield» (Bitcoin Performance), a metric that reflects the growth of Bitcoin holdings value related to corporate strategy. Today, May 23rd, MSTR’s BTC yield reached 15.11%. This shows that while MSTR actions accumulate 33% growth, the performance of Bitcoin holdings adjusted to the debt strategy and the issuance of actions is more gradual, explaining the differences between both diagrams.
However, MSTR is significantly more volatile than BTC. In bullish times, it acts as a leverage bet and amplifies Bitcoin profits. During corrections such as those observed between February and April, MSTR waterfalls become more prominentwhich means a great risk for investors.
The recent exchange of social network X shows the expectations and dissatisfaction of retail investors. On May 21, users questioned why MSTR’s stock was “nailed” for US$420, resulting in Bitcoin reaching US$109,000.
Analyst Willie Wu answered that. MSTR’s performance depends not only on Bitcoin, but also on the general stock market.represented by an index such as the S&P 500.
Factors such as market sense, interest rates, and company operational performance influence their valuation. Emphasizing the complexity of the factors affecting MSTR, Woo said.
Digital Marathon: Miner’s Vulnerability
Marathon Digital (Mara), The second public company with the highest ownership of Bitcoin (48,137 BTC) provides a different perspective on investing in Bitcoiner companies.
As a company dedicated to Bitcoin mining, it faces unique challenges related to high operating costs, including electricity, equipment and depreciation maintenance. So far, since 2025, Mara’s stock has declined 10%, in contrast to Bitcoin’s positive performance.
The correlation between Mara and Bitcoin is clear. As the currency price rises, Mara’s stocks tend to follow suit, and vice versa. However, Mara doesn’t recover as quickly as Bitcoin.
During the collapse of Bitcoin between February and April, Marathon revisions have become much deeperreflects the sensitivity of miners to fixed costs and the profit margin compressed over the period of low-cost Bitcoin.
The marathon was partially recovered in May, but his rhythm was slow and he was unable to compensate for his previous losses, ending the period on negative terrain, as seen in the following graph.
This performance Emphasise that investing in miners such as Mara means additional risks. Due to the operating costs and reliance on Bitcoin prices to maintain profitability, these companies are less attractive, especially compared to direct investments in currencies during periods of stagnation or fall.
Furthermore, the need to do so Continuously updating mining equipment to stay competitive adds another layer of financial complexity.
Coinbase: The Light and Shadow of the Giants
Coinbase (Coin), the leading US cryptocurrency exchange, also shows a strong correlation with Bitcoin. Your business model depends directly on the volume of transactions and the enthusiasm of the digital asset market. Why you’re so sensitive to Bitcoin movements?. Additionally, the company has adopted a Bitcoin accumulation strategy as a Treasury Reserve, and currently has 9,267 BTC.
This possession strengthens its correlation with Bitcoin prices. This is because the value of its reserves fluctuates directly with market fluctuations. So far, since 2025, Coin Shares has recorded a 6% increase, well below Bitcoin’s 16%.
In the first few months of this year, Coinbase has amplified the rise in Bitcoin, outperforming its performance thanks to increased trading volumes and increased investor enthusiasm. However, during the decline in BTC between February and April, Coinbase Falls was even more severe.reflects the vulnerability of the business model to market contraction.
The decline in trading volume and the withdrawal of capital had a direct impact on financial results. Bitcoin recovery in May promoted rebounds at Coinbase, The company did not match the yield on the currency, so at the end of the period it remained in negative terrain.
It may reflect a greater attention among investors as it cannot follow the rhythm of Bitcoin. Concerns about stricter regulations, increased capabilities of other exchange platforms, and preference for indirect exposure to Bitcoin via financial instruments such as ETFs could be a passion for Coinbase’s action.
One of the most memorable stories ever since 2025 is the performance of Metaplenet (3350.tse), a Japanese company in the hotel and real estate sector. It adopts a strategy similar to that of the strategy and accumulates Bitcoin as a financial asset.
Action of Metaplanet has risen to an impressive 117% this yearexceeds 16% of Bitcoin. This explosive performance is primarily due to the company’s low market capitalization and novelty that represents the purchase of BTC, attracting strong speculative interest from investors.
A sample of this occurred last Wednesday. As reported by Cryptonotics, Metaplenet’s actions were temporarily suspended on the Tokyo Stock Exchange when Bitcoin reached a new historic maximum. This episode reflects the highly speculative nature of the company, Its prices seem to be driven more by market enthusiasm and expectations of Bitcoin movement than the operating base..
Metaprenet had a considerable fall during the Bitcoin revision period, but his recovery in May was so pronounced that it closed the period with a profit of 135% compared to Bitcoin’s 11%.
Metaplanet Represents high risk investments and high rewards. It offers spectacular returns in an upward market, but its extreme volatility makes it a speculative vehicle that is not suitable for conservative investors.
It relies almost exclusively on Bitcoin prices and has no solid operating base, which strengthens its high-risk betting characters.
Bitcoin Bitcoin Company?
Data analysis for 2025 reveals that Bitcoin offers relatively stable performance in solids with a 16% increase, surpassing digital marathons (-10%) and Coinbase (+6%), and approaching strategy (+15.11%).
Solo Meta Planet, With a profit of 117%, it’s far exceeding Bitcoin, but with extreme volatility costs.
For investors looking for direct exposure and lower corporate risk, Bitcoin remains the safest option. Bitcoiner companies offer leverage possibilities in upward markets, but carry additional risks related to operating costs, strategic decisions and stock market sense.
Strategies and metaprenet have proven to be a risky bet with potentially high rewards, Marathon and Coinbase are disappointing in comparison.
Ultimately, the decisions between Bitcoin and Bitcoiner companies depend on the investor’s risk profile. Those who want to envision greater volatility can find opportunities for actions such as Metaplanet. But for the majority, the simplicity and constant performance of Bitcoin is the most attractive option.