PANews reported on December 12th that, according to DLNews, a report from BitcoinTreasuries.net shows that so far in 2025, only one Bitcoin Treasury (DAT) company has outperformed the benchmark S&P 500 index (with a year-to-date return of 16%). The only company to outperform the S&P 500 is France-based The Blockchain Group, whose stock price has surged approximately 164% since January 1st. Among other well-known Bitcoin Treasury companies, Strategy's stock price has fallen 12%, Metaplanet's stock price has fallen by nearly a third, and Nakamoto, which raised over $600 million to buy Bitcoin, has seen its market capitalization plummet by over 98%.