Hardly a year after it began, the Bitcoin treasury model is falling apart. Just one Bitcoin treasury company managed to outperform the bellwether S&P 500 — which returned investors 16% — in 2025, according to a new report from BitcoinTreasuries.net. The Blockchain Group, a France-based treasury company, has soared roughly 164% since January 1. What about other Bitcoin treasuries? Every other major treasury has underperformed — Strategy is down 12%, Metaplanet has lost nearly one-third of its stock pri ...