In 2025, The Blockchain Group, a French Bitcoin treasury firm, achieved a remarkable 164% increase, significantly outperforming the S&P 500's 16% gain. This makes it the only Bitcoin treasury firm to surpass the S&P 500 this year. In contrast, other major firms faced challenges: Strategy's value decreased by 12%, Metaplanet lost nearly a third of its value, and Nakamoto plummeted by 98%. The overall performance of Bitcoin treasury firms has been lackluster, with approximately 60% reporting negative returns. The sector also saw a sharp decline in Bitcoin purchasing activity, with only 28 companies buying Bitcoin in November, marking an 83% drop since July. Strategy's stock is currently trading at a 16% discount to its net asset value, reflecting a broader sentiment that the era of premium valuations is over. Analysts suggest that only firms with disciplined strategies and effective execution will thrive in the current market environment.