Opinion: Bitcoin Treasury Track Differentiation is Obvious, Some Companies Relying on Hype Are Unsustainable

On May 30, according to Cointelegraph, Bitcoin treasury companies are gradually diverging into two categories: those with mature financial planning and those that rely solely on hype to attract funds. Sean Bill, co-founder of BSTR, pointed out that many related companies have unreasonable capital structures and lack actual Bitcoin operational capabilities, relying too heavily on price performance. He likened these companies to "street hawkers" and stated that if they cannot create value through leverage, investors will turn to more stable products like Bitcoin ETFs. Data shows that currently, a total of 198 listed companies hold approximately 1.25 million bitcoins, with Strategy holding 843,738 bitcoins, leading by a significant margin. In terms of individual stocks, treasury company Nakamoto (NAKA) has seen its stock price plummet by 67% year-to-date, a drop of over 99% from its peak of $34 in May 2025. The stock hit a low of $0.16 in April before completing a reverse stock split. Nasdaq had already issued a delisting warning to the company in December of last year due to its stock price remaining below $1 for an extended period.