Saylor's Strategy sold bitcoin for the first time since 2022. These firms are still buying
Strategy sold bitcoin for the first time since December 2022, but a few crypto treasury firms are still buying ETH, BTC and HYPE.
Intelligence analysis by GPT-5.4 Mini
Strategy’s first bitcoin sale since 2022 marks a break in the crypto treasury trade that many firms copied. Even so, a smaller group of companies is still accumulating digital assets as the broader model comes under pressure.
A big company that used to keep buying bitcoin has now sold a small amount for the first time in a long while. That is important because lots of other companies copied its idea.
Some of those copycat companies are still shopping for crypto. A few are buying bitcoin, others are buying ether, and one is buying a token tied to a fast-growing exchange.
But many companies have stopped because prices fell and their shares got weaker too. It is a bit like a group of kids all buying the same trading cards, then most of them stopping when the cards become hard to resell.
Analysis
The shift in treasury demand
Strategy, the company most closely associated with corporate bitcoin accumulation, sold bitcoin for the first time since December 2022. The sale was small, about $2.5 million worth, but it matters because Strategy helped define the digital asset treasury playbook that many other firms copied.
Why the model is under strain
The article says dozens of companies raised money through stock and debt deals to buy bitcoin, ether and other cryptocurrencies. That strategy worked while token prices were rising and treasury stocks traded at premiums to their holdings. Once crypto markets peaked in October and prices fell, many of those stocks dropped below net asset value, making new capital raises harder. Some firms stopped buying, and others started selling assets instead.
Who is still buying
A few firms are still active. Bitmine bought roughly $53 million of ETH last week and says it now holds more than 5.4 million ETH, though Tom Lee says the pace will slow as it gets closer to its 5% supply target. Bit Digital returned to ETH buying in May, while Strive disclosed about 1,944 BTC in May. Metaplanet also reported a BTC purchase in April, and Hyperliquid Strategies said it spent $216 million on HYPE between December and April.
The other side of the trade
The story also lists firms reducing holdings or abandoning the model. Nakamoto Holdings sold 284 BTC, Empery Digital sold BTC to repay a loan, and Genius Group liquidated its remaining bitcoin to pay down debt. Forum Markets moved away from ether after selling holdings, and VivoPower pivoted away from its XRP treasury plan. The clear takeaway is that the buyer base has narrowed, but it has not disappeared.
Key points
- Strategy sold bitcoin for the first time since December 2022, ending a long accumulation streak.
- The sale was small, about $2.5 million, but it symbolically marks a break in the treasury trade.
- Many digital asset treasury firms have halted purchases or sold holdings as markets weakened after October.
- Bitmine, Bit Digital, Strive, Metaplanet and Hyperliquid Strategies are among the firms still buying.
- Several other firms have sold crypto, repaid debt, or pivoted away from the treasury model entirely.
A few treasury firms are still active buyers, which means corporate demand for crypto has not vanished entirely. The article also notes that Strategy remained one of the largest sources of bitcoin demand through May, and some firms are still building large positions in ETH, BTC and HYPE.
The broader treasury model is under pressure because many firms can no longer raise capital on attractive terms. The article says several companies have stopped buying, started selling, or abandoned the model entirely after crypto prices fell and treasury stocks sank below net asset value.
