Share partly broken in partly: Why Strategy’s crypto strategy is not worth it for every imitator
Strategy’s Bitcoin bet brought the company billions. But many imitators now pay the price – because the strategy can obviously not simply be copied.
Values in this article
Shares
1.10 USD -0.03 USD -2.65%
3.58 EUR 0.34 EUR 10.49%
298.40 EUR 11.60 EUR 4.04%
14.13 EUR -0.30 EUR -2.08%
currency
CHF 95,791,5289 -299,6411 CHF -0.31%
102,468,7173 EUR -346,1681 EUR -0.34%
89,372.5875 GBP -281,2905 GBP -0.31%
17,730,561,9591 JPY -7,846,7343 JPY -0.04%
120,114,9204 USD -433,6196 USD -0.36%
• Crypto shares of many imitators
• Strategy success is not easily copied
• Investors often rate companies less valuable than their Bitcoin stocks
The euphoria about crypto treasury shares, led by Michael Saylors Strategy, has noticeably decreased in the past few weeks. Numerous imitators who have tried to copy Saylor’s business model are now under pressure.
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From crypto hype to disillusionment: imitating shares under pressure
Strategy itself has massively set Bitcoin since 2020 and financed his purchases through a combination of debt and equity. The business intelligence company turned into a crypto power package. As Yahoo Finance emphasizes, the share has recorded an increase of around 2,200 percent despite the latest setbacks since the first Bitcoin purchase. Many imitators tried to imitate this success – with sometimes sobering results.
Examples of this are the Japanese hotel management company Metaplanet, whose shares fell by more than 14.7 percent last month, or the provider of health data Kindly MD, which lost around 66 percent of its value. The shares of the Trump Media & Technology Group have also been under pressure at least temporarily in the past four weeks (as of October 02, 2025).
Why the strategy success cannot simply be replicated
Gus Galá from Monness, Crespi, Hardt & Co. explained to Yahoo Finance: “From a certain point there are too many strategies that chase the same promised country, and a limited amount of investor’s demand for similar exposure.” In other words, the demand from investors for companies that invest in Bitcoin is limited and the more imitators push onto the market, the harder the competition becomes.
Nevertheless, the stimulus of crypto treasury shares for investors remains high. According to Yahoo Finance, TV personality and crypto investor Kevin O’Leary said that “the majority of the market cannot hold a Bitcoin, but it can hold shares”. Institutional investors, such as Norway’s State Fund Norges Bank, also rely on stocks such as Strategy, but do not keep bitcoins or corresponding ETFs themselves. According to the data provider BitcoinTreasuries.net, more than 190 listed companies have included Bitcoin in their balance sheets, many of them over the past year.
Investors remain skeptical: the market saturation is noticeable
The recent downturn shows that not every company can benefit from the Bitcoin strategy. According to Vetle Lunde, head of research at the market research company K33 in Oslo, around 25 percent of the 94 strategy imitators have a market capitalization that is below the value of their Bitcoin stocks, as Yahoo Finance reports. This is a bad signal from investors, because overall they consider these companies to be less valuable than the bitcoins they hold.
The market for crypto treasury shares has apparently saturated. The Bitcoin strategy could therefore be risky for imitators without a solid foundation. If you want to jump on the train, you should therefore check exactly whether the balance, the financing of Bitcoin purchases and the business model are long-term.
Bettina Schneider / Editor Finanzen.net