Ever since MicroStrategy, “we’re putting Bitcoin on the balance sheet” has been the hot pivot.
I pulled every company that announced a bitcoin or digital-asset treasury in an SEC 8-K since 2024. There are 101 of them. Then I looked at what else they’d been filing.
85 of the 101 (84%) were already reverse-splitting their stock or sitting on a delisting notice when they made the pivot.
So for five out of six, the treasury strategy is really a failing penny stock bolting “Bitcoin” onto the ticker to chase a pump. The distressed ones include Greenlane, GameSquare, Cycurion, BNB Plus, and Sharps Technology (which also renamed itself “SkyAI”, but that’s a different story lol).
A lot of these are tiny companies announcing a “treasury” they can’t really fund off the balance sheet. So I looked at what they filed next. Of the 100+ that announced a bitcoin treasury, 94% filed a stock offering or warrant deal after the announcement, and 83% did it within 90 days. So they announce the bitcoin pivot, then sell fresh shares into the attention.
The wave peaked around September 2025, right when the “bitcoin treasury company” trade was at its hottest.
Source: SEC EDGAR 8-Ks, 2024 to 2026. “Distressed” means they also filed a reverse split or got an Item 3.01 delisting or deficiency notice.