Strategy, the digital asset treasury firm renowned for its aggressive bitcoin accumulation, has sold BTC for the first time since December 2022. Reports indicate the company divested approximately $2.5 million worth of bitcoin, marking a striking development as the widespread corporate crypto accumulation trend faces new headwinds.
Momentum slows in the accumulation model
Last year, numerous firms raised capital through equity and debt to add bitcoin, ether, and other cryptocurrencies to their balance sheets. Their playbook echoed the buy-and-hold philosophy championed for years by Strategy’s Chairman, Michael Saylor. The model produced notable gains during the crypto bull run, with many treasury companies’ shares trading at a premium to their net asset values.
However, after the markets peaked in October, the landscape shifted. As cryptocurrency prices retreated, these companies’ share prices fell below net asset value, making it harder for them to raise new capital. Some stocks lost more than 90% from their highs, prompting firms to halt acquisitions or even begin selling assets.
Strategy’s break from its accumulation streak, along with the pullback among similar companies, signals a sharp reduction in active buyers.
Despite these headwinds, Strategy had continued to buy bitcoin steadily throughout this period, with Michael Saylor maintaining a firm stance in favor of long-term bitcoin holding. Even so, hints of a potential sale emerged in early May, and on June 1, the company officially confirmed its first-ever BTC disposal.
Buyers remain but tread cautiously
Despite the market cooling, some companies are still in buying mode. Bitmine, an Ethereum-focused treasury firm led by Tom Lee, acquired around $53 million in ETH last week. The company’s ETH accumulation in May surpassed 338,000 coins, pushing its total holding above 5.4 million ETH, valued at about $665 million, making Bitmine the largest institutional ether holder.
Tom Lee stated that as Bitmine approaches its target of holding 5% of total ETH supply, the accumulation pace will slow. Meanwhile, Bit Digital returned to the market in May with a $20 million ETH purchase—its first buy since October.
Targeted BTC acquisitions continue
Some firms continue selective bitcoin buying. Strive announced the acquisition of 1,944 BTC, spending roughly $150 million in May. Japan-based Metaplanet reported buying 5,075 BTC in early April. Strategy, despite its recent sale, remained a major buyer during May with over 25,000 BTC purchased, contributing more than $2 billion to overall bitcoin demand that month.
Elsewhere, Hyperliquid Strategies stood out as a treasury firm focusing on HYPE, the native token of the Hyperliquid ecosystem. The company disclosed it spent $216 million to acquire 7.3 million HYPE tokens between early December and late April.
Glossary: HYPE is the native token of the Hyperliquid ecosystem, which is distinguished by its decentralized derivatives trading. The treasury company model means holding substantial amounts of specific cryptocurrencies on the balance sheet instead of cash, causing share prices to track the performance of those digital assets closely.
After HYPE prices soared to record highs, this investment more than doubled in value. Nonetheless, recent weeks have seen some companies begin to offload their crypto holdings.
Sales and shifts in corporate strategy increase
Nakamoto Holdings, a bitcoin treasury firm led by David Bailey, sold 284 BTC in March, equivalent to 5% of its total holdings. In April, Empery Digital liquidated 370 BTC to repay a maturing loan, while Genius Group announced it sold its remaining 84 BTC in April, using $8.5 million from the sale to reduce debt.
Several companies have exited the treasury model altogether. Forum Markets, previously known as ETHZilla, pivoted to tokenization this year after unloading roughly $114 million in ether. Meanwhile, VivoPower, which once aimed to launch an XRP-focused treasury, shifted in February toward data centers and artificial intelligence infrastructure, selling off its Ripple-related investments and XRP assets.
