While Bitcoin reached an all-time high of $124,457 on August 13, 2025, the stock prices of corporate Bitcoin treasury companies have lagged behind. Despite claiming to offer exposure to BTC upside without direct holding, these firms have underperformed their underlying assets and faced scrutiny for questionable risk management strategies. Experts attribute this disconnect to factors like investor skepticism, value dilution from issuance of new shares, and heightened competition in the market as more alternative cryptocurrencies gain traction. 2025’s Bitcoin surge has been driven by significant investment flows into ETFs while speculative trading activity has driven a significant portion of price movements.