In a world where financial markets navigate between geopolitical uncertainty and the search for high -performance assets, Bitcoin (BTC) and companies associated with cryptoactive have emerged as protagonists in 2025.
While Bitcoin reaches new historical maximums, overcoming the USD 111,000, emblematic companies of this industry such as Strategy (formerly Microstrategy), Digital Marathon, Coinbase and Metaplanet They have shown disparate trajectories, from explosive gains to notable losses.
This ascent has not been free of obstacles. Between February and April, the tariff war promoted by the United States generated turbulence in global markets, temporarily affecting the price of Bitcoin.
However, a robust recovery in May, driven by a partial truce in commercial tensions with China and a boom in institutional and retail investment, both direct and through ETF of Bitcoin, has led the currency to new maximums.
Unlike companies, Bitcoin offers direct exposure, eliminating risks associated with corporate factors such as operating costsstrategic decisions or specific regulations.
Although its volatility remains a factor to consider, This is significantly lower compared to some Bitcoiners companieswhich makes it an attractive option for investors looking for relative stability within the world of digital assets.
This analysis includes four companies that represent different niches within the Bitcoin industry, each with a unique approach which allows to explore how the different sectors are affected by the fluctuations of the currency. This diversity offers a complete panorama of how Bitcoin and companies related to it perform in different contexts within the ecosystem.
Strategy: leverage with calculated risks
Strategy, previously Microstrategy, It has become a benchmark for investors interested in an a similar exhibition to Bitcoin.
Under the direction of Michael Saylor, a staunch defender of the digital currency, the company has adopted an aggressive Bitcoin accumulation strategy, financed by 0% convertible bonds and emissions of new actions.
Currently, Strategy It has 576.230 BTC, What positions it as the public contribution company with the greatest possession of Bitcoin in its treasury. This week, the company announced plans to broadcast up to USD 2.1 billion in preferred perpetual shares with a 10%dividend, aimed at financing new purchases of Bitcoin.
The performance of Strategy actions reflects a clear positive correlation with the price of Bitcoin. Between January and May, Mstr’s shares have risen 33%, showing solid accumulated yield until May 23. In comparison, Bitcoin has an increase of 16% in the same period.
Strategy also measures their performance through «BTC Yield»(Bitcoin performance), a metric that reflects the growth of the value of its Bitcoin holdings in relation to its corporate strategy. For today, May 23, Mstr’s BTC Yield reached 15.11%. This indicates that, although Mstr’s actions have had accumulated growth of 33%, the performance of their Bitcoin holdings, adjusted for its debt strategy and issuance of actions, is more moderate, which explains the difference between both figures.
However, Mstr is remarkably more volatile than BTC. In bullish periods, it acts as an leverage bet, amplifying Bitcoin’s profits. During corrections, such as those observed between February and April, Mstr’s falls are more pronouncedwhich implies a greater risk for investors.
A recent exchange in social network X illustrates the expectations and frustrations of retail investors. May 21, a User questioned Why Mstr’s shares were “nailed” in USD 420 while Bitcoin reached USD 109,000.
The Willy Woo analyst He replied that MSTR’s performance does not depend solely on Bitcoin, but also on the stock market in generalrepresented by indices such as the S&P 500.
Factors such as market feeling, interest rates and the company’s operational performance influence its valuation. “There are too many ‘tourists’ in this channel, judging by complaints to each pause in the climb,” said Woo, highlighting the complexity of the factors that affect Mstr.
Digital Marathon: the fragility of miners
Digital Marathon (Mara), The second public company with the highest possession of Bitcoin (48,137 BTC), offers a different perspective on investments in Bitcoiners companies.
As a company dedicated to Bitcoin mining, it faces unique challenges related to high operational costs, including electricity, equipment and depreciation maintenance. So far from 2025, Mara’s shares have fallen by 10%, contrasting with Bitcoin’s positive performance.
The correlation between Mara and Bitcoin is clear: when the price of the currency rises, Mara’s shares tend to follow it, and vice versa. However, Mara does not recover as fast as Bitcoin.
During the fall of Bitcoin between February and April, Marathon’s corrections were significantly deeperreflecting the sensitivity of the miners to the fixed costs and the gain margins compressed in periods of low prices of Bitcoin.
Although Marathon was partially recovered in May, his rhythm was slower, and failed to compensate for previous losses, ending the period in negative terrain, as can be seen in the following graph.
This performance Underline that investing in miners such as Mara implies an additional risk. Operating costs and dependence on Bitcoin prices to maintain profitability make these companies less attractive compared to direct investment in the currency, especially in periods of stagnation or falls.
In addition, the need to Constantly update the mining equipment to maintain competitiveness adds another layer of financial complexity.
Coinbase: lights and shadows of a giant
Coinbase (Coin), the main cryptocurrency exchange in the United States, also shows a strong correlation with Bitcoin. Your business model depends directly on the volume of transactions and the enthusiasm of the digital asset market, What makes it highly sensitive to Bitcoin’s movements. In addition, the company has adopted a Bitcoin accumulation strategy as a treasury reserve, and currently It has 9,267 BTC.
This possession reinforces its correlation with the price of Bitcoin, since the value of its reserves fluctuates directly with market variations. So far from 2025, Coin shares have registered an increase of 6%, well below 16% of Bitcoin.
In the first months of the year, Coinbase amplified Bitcoin’s increases, exceeding its performance thanks to the increase in trading volume and investor enthusiasm. However, during the BTC drop between February and April, Coinbase’s falls were more severereflecting the vulnerability of its business model to market contraction.
The decrease in trading volumes and capital withdrawal directly impacted their financial results. Although Bitcoin’s recovery in May promoted a rebound in Coinbase, The company failed to match the yield of the currency, remaining in negative terrain at the end of the period.
This inability to coinbase to follow Bitcoin’s rhythm could reflect greater caution among investors. Concerns about stricter regulations, the growing competence of other exchange platforms and a preference for indirect exposure to Bitcoin through financial instruments such as ETFs could be braking enthusiasm for Coinbase actions.
One of the most striking stories so far from 2025 is the performance of Metaplenet (3350.Tse), a Japanese company in the hotel and real estate sector that has adopted a strategy similar to that of Strategy, accumulating Bitcoin as treasury assets.
The actions of Metaplanet have risen an impressive 117% so far this yearexceeding 16% of Bitcoin. This explosive performance is mainly due to the low market capitalization of the company and the novelty that represented its purchases of BTC, attracting a strong speculative interest of investors.
A sample of this arose last Wednesday. As Cryptonotics reported, when Bitcoin reached its new historical maximum, Metaplenet’s actions were temporarily suspended in the Tokyo Stock Exchange because they reached the daily limit of allowed rise. This episode reflects the highly speculative nature of the company, whose price seems more promoted by market enthusiasm and the anticipation of Bitcoin movements than by operational foundations.
During Bitcoin’s correction period, Metaplenet suffered significant falls, but his recovery in May was so pronounced that he closed the period with a gain of 135%, compared to 11% of Bitcoin.
Metaplenet represents a high -risk investment and high reward. Although it offers spectacular returns in upward markets, its extreme volatility makes it a speculative vehicle, not suitable for conservative investors.
Its almost exclusive dependence on the price of Bitcoin and the lack of solid operational foundations reinforce its high -risk bet character.
Bitcoin or Bitcoiners companies?
The data analysis of 2025 reveals that Bitcoin has offered solid and relatively stable performance, with an increase of 16%, surpassing Digital Marathon (-10%) and Coinbase (+6%), and staying close to Strategy (+15.11%).
Only metaplanet, With its 117%gain, it has significantly exceeded Bitcoin, but at a cost of extreme volatility.
For investors looking for direct exposure and lower corporate risk, Bitcoin remains the safest option. Bitcoiners companies, although they offer a leverage potential in upward markets, carry additional risks related to operational costs, strategic decisions and the feeling of the stock market.
Strategy and Metaplenet have proven to be high -risk bets with potentially high rewards, While Marathon and Coinbase have disappointed compared.
Ultimately, the decision between Bitcoin and Bitcoiners companies depends on the investor’s risk profile. Those willing to assume greater volatility could find opportunities in actions such as Metaplanet, But for the majority, the simplicity and constant performance of Bitcoin make it the most attractive option.
