Protos analysis indicates that the vast majority of publicly traded companies that adopted Bitcoin as an asset reserve strategy over the past 18 months have seen their stock prices decline since their initial purchase announcements. Among nearly 200 publicly listed companies globally holding Bitcoin, many stocks have fallen by over 90%, with some even delisting. Even the top 20 Bitcoin-holding stocks, which performed relatively better, saw a median 18-month return of approximately -18%. Diversified businesses such as Tesla, Galaxy Digital, and Norwegian industrial group Aker performed better, while companies focused on Bitcoin, including Fold Holdings, Exodus Movement, Strategy (formerly MicroStrategy), Semler, Remixpoint, and Japanese hotel operator Metaplanet, all experienced stock price declines exceeding 40%.