Bitcoin Treasury Disaster 2025: 5 Companies That Burned Investors’ Money

• Why Are Bitcoin Treasury Strategies Failing in 2025?
• 1. GameStop: When a Meme Stock Meets Bitcoin
• 2. Remixpoint: From Energy to Bitcoin (and Back Down?)
• 3. Empery Digital: EV Maker’s 90% Crash After BTC Bet
• 4. Ming Shing Group: Hong Kong’s BTC Building Blunder
• 5. Sequans Communications: France’s 98% Stock Collapse
• FAQs: Bitcoin Treasury Disasters

While bitcoin has minted millionaires, not all companies betting on BTC as a treasury asset have struck gold. In 2025, five firms—GameStop, Remixpoint, Empery Digital, Ming Shing Group, and Sequans Communications—made headlines for their aggressive Bitcoin acquisitions, only to see their stocks plummet. From meme-stock hype to corporate pivots, we dissect why these "BTC treasury plays" backfired and what investors can learn. Spoiler: Michael Saylor’s success isn’t easily replicated.

Why Are Bitcoin Treasury Strategies Failing in 2025?

Bitcoin’s 98% annual gain in 2024-2025 made it a darling for corporate treasuries, with giants like MicroStrategy (MSTR) delivering 174% returns. But as the BTCC research team notes, "For every Saylor, there are five CEOs who misjudged BTC’s volatility and liquidity needs." The common thread? Poor timing, weak balance sheets, and treating Bitcoin as a Hail Mary rather than a strategic reserve.

1. GameStop: When a Meme Stock Meets Bitcoin

GameStop’s May 2025 announcement of a $513M Bitcoin purchase (4,710 BTC) was meant to reignite its 2021 meme-stock magic. Instead, GME shares gained just 1.1% annually, while post-BTC buyers sit on 35% losses. CEO Ryan Cohen insists BTC is "inflation insurance," but with $9B in cash, skeptics ask: Why gamble on crypto? TradingView charts show GME’s 30-day correlation with BTC at just 0.2—proof the market isn’t buying the narrative.

2. Remixpoint: From Energy to Bitcoin (and Back Down?)

This Japanese energy firm pivoted hard in October 2024, accumulating 1,273 BTC ($142M). Though shares initially jumped 120%, they’ve since crashed 57% from February’s peak. The CEO’s July 2025 MOVE to take his salary in BTC raised eyebrows—"Skin in the game doesn’t fix a sinking ship," quipped a BTCC analyst. CoinMarketCap data shows Remixpoint’s BTC holdings now exceed its market cap, a red flag for liquidity.

3. Empery Digital: EV Maker’s 90% Crash After BTC Bet

Formerly Volcon, this electric vehicle Maker rebranded as Empery Digital in July 2025 while buying 4,019 BTC ($450M). Result? A 90% stock plunge. The brief 21% rally post-announcement evaporated, with shares now at $6.86. Their plan to buy back shares "below net asset value" sounds desperate—like using a Bitcoin Band-Aid on a hemorrhage.

4. Ming Shing Group: Hong Kong’s BTC Building Blunder

The construction firm’s CEO vowed to buy 4,250 BTC ($483M) by December 2025, but shares are down 60% this year. With a -3.9% profit margin and $5.35M EBIT loss, Ming Shing’s existing 833 BTC ($94M) looks less like a strategy and more like a distress flare. As one trader joked, "They’re building losses faster than skyscrapers."

5. Sequans Communications: France’s 98% Stock Collapse

The semiconductor firm’s August 2025 pledge to acquire 100K BTC by 2030 (already holding 3,205 BTC/$359M) failed to revive its moribund stock. Down 98% since its 2011 IPO, Sequans’ July BTC pump to $5.40 collapsed to $0.86. CEO Georges Karam’s "maximize BTC-per-share" MANTRA ignores a key fact: Investors want profits, not prayers.