PANews reported on May 30th, citing Cointelegraph, that Bitcoin treasury companies are increasingly polarizing, falling into two categories: those with sophisticated financial planning and those relying solely on hype and promotion to attract funds. Sean Bill, co-founder of BSTR, pointed out that many of these companies have flawed capital structures and lack actual operational capabilities in Bitcoin, overly depending on price performance. He likened these companies to "street vendors," suggesting that if they cannot leverage value creation, investors will turn to more stable products like Bitcoin ETFs.

Data shows that 198 listed companies currently hold a total of approximately 1.25 million Bitcoins, with Strategy Holdings holding 843,738, far exceeding other companies in this category. In terms of individual stocks, Nakamoto (NAKA), a financial company, has seen its share price plummet by 67% this year, a drop of over 99% from its high 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 risk warning to NAKA last December due to its share price remaining below $1 for an extended period.