Why are Bitcoin Treasury stocks not keeping up to BTC?

Bitcoin hit a record high price of $124,457 on August 13, 2025. However, the stock prices of the company’s Bitcoin finance company are not near the highest ever. The selling point of Bitcoin finance companies is that their stocks perform better than Bitcoin, but are they actually meeting that promise?

Bitcoin and ether price spikes

Bitcoin did it again, reaching its sixth all-time high this year. This is an unprecedented asstrake within a year. The price surge can be explained by a massive spot Bitcoin ETF inflow and a US inflation report that raised expectations for interest rate cuts in September.

Shortly after reaching $124.45,000, the BTC price fell below $120,000. Bitcoin trading volume increased by 31%. The liquidation of the short seller reached $130 million within hours.

A new breakout may not impress the community in terms of price progress. When Bitcoin last hit a record price on July 15th, it was $123,193, just $1,000 from its latest peak.

It’s medium, but the results cannot be denied. This cycle fits the increasingly popular narrative of different cycles, and the traditional four-year cycle logic may no longer apply.

read more: Is the 4-year Bitcoin cycle dead?

The ether has been ripped horizontally since July. When Bitcoin reached a new record price, Eth also spiked its spike, but its 2021 high was just $100. Nevertheless, ether recorded a 20% increase in seven days, compared to an approximately 2% increase in Bitcoin.

Bitcoin Treasuries stock shortage

The asset that didn’t break the new high that day was stocks in the Bitcoin finance company. Supporters of the corporate Treasury Department often argue that these stocks are subject to BTC rise without directly holding assets. One reason some investors prefer the stock route is the clarity of regulations, and trading stocks are still an easier option in more jurisdictions than buying Bitcoin itself.

Cryptospace is divided into ways of displaying Bitcoin finance companies. Some see them as Crypto’s Trojans enter Wall Street. Others argue that it is the opposite. The Wall Street Trojan convinces Bitcoiner to buy stocks.

Treasury companies typically use traditional tools such as issuing debts to fund Bitcoin acquisitions. They sell shares to buy more BTC. The more you hold Bitcoin, the higher your stocks, and the more stocks you get. These stocks are generally expected to trade at the company’s net asset value (NAV) and premium. But recently, it wasn’t.

At this point, Bitcoin reached an all-time high, so the pioneering Treasury Strategy (MSTR) common stock has dropped by 16% from its own peak. MSTR has not hit a new high since November. This is in stark contrast to the six Ass from Bitcoin in 2025. Some are 17% (Cantor), others are 50% (Metaplanet and Nakamoto), and even 80% (Seapans).

Commenting on the performance gap between Bitcoin and these companies, Bitget Wallet’s CMO Jamie Elkaleh adds that while some stocks, such as Strategy and Metaplanet, are still trading at premiums in Bitcoin Net Asset Value (MNAV), “showing that there is leverage, dilution risk and excessive value,” he adds that “these companies need to demonstrate a stronger basis beyond Bitcoin price speculation to regain investor trust.”

Ryan Lee’s chief analyst at Bitget Research believes that “if there is a cooldown in the price of a coin, investors can replace capital with related stocks to take advantage of the stock price delay.”

In addition to dilution and investor skepticism, Bitcoin finance companies could face pressure from a new wave of Treasury focused on other cryptocurrencies, from ether to official Trump or WLFI. Meanwhile, ETF space continues to show stronger consistency with BTC performance. For example, IBIT, the Spot Bitcoin ETF from BlackRock, closely reflects Bitcoin’s rally, seeing Spikes on the same day as BTC’s new ATH.

Tackling the risks

Some critics of Bitcoin finance companies warn that the lack of a robust risk management mechanism could lead to a situation where such companies must sell Bitcoin to cover their commitments. This could overshadow the entire financial space of a company and distract investors from such companies, including those with better strategies.

Ryan Lee of Bitget Research doesn’t believe Bitcoin’s finances are destined to collapse.

“The chances of the Bitcoin Treasury collapse are very low as the underlying coin has passed the bubble stage and are considered viable assets backed by current real-world capital and regulations.

A major concern among finance companies is the risk management strategy and the size of debts exposed to BTC purchases. As a precarious asset, current price breakouts do not mean that Bitcoin cannot print as much fluctuations as financial assets. As long as the Bitcoin Treasury manages risk and debt profiles to explain this volatility, they may be able to escape the collapse that has emerged from the market. ”

Elkale adds, “Survival relies on maintaining investor trust, managing debt and adapting to market corrections, while integration relies on integration for weaker players.”

One sign that Bitcoin’s Treasury will not collapse anytime soon is that Ark Invest has purchased a fresh $170 million worth of stock in the Treasury Secretary of Bitcoin, launched by Peter Thiel.

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