Few Crypto Treasury Firms Still Buying After Strategy Sale

Strategy sold Bitcoin for the first time since December 2022, marking a shift for the company whose accumulation strategy helped drive the rise of publicly traded digital asset treasury firms. The sale came as several companies that previously raised capital to acquire cryptocurrencies have either paused purchases, reduced holdings, or exited treasury strategies altogether following a broader downturn in crypto markets.

Strategy Reports First Bitcoin Sale Since 2022

Strategy disclosed Monday that it sold approximately $2.5 million worth of Bitcoin, ending a buying streak that had lasted since late 2022. The company’s accumulation strategy, led by Executive Chairman Michael Saylor, became a model for dozens of companies that raised funds through equity and debt offerings to purchase Bitcoin, Ether, and other digital assets.

Those treasury strategies gained momentum last year as crypto prices climbed and treasury-focused stocks traded at premiums to their net asset value. Companies used those market conditions to raise additional capital and expand their crypto holdings.

According to the report, conditions shifted after crypto markets peaked in October. As token prices declined and treasury company shares traded below net asset value, many firms lost access to favorable financing conditions. Some treasury-related stocks fell more than 90% from their highs.

While many companies halted purchases or became net sellers, Strategy continued accumulating Bitcoin through much of the downturn. The company first indicated a possible sale earlier in May before reporting the transaction on June 1.

Despite the sale, Strategy remained one of the largest corporate Bitcoin buyers through May, acquiring more than 25,000 BTC valued at over $2 billion during the month.

Bitmine And Strive Continue Expanding Crypto Holdings

A smaller group of firms continues to actively accumulate digital assets. Bitmine, led by Tom Lee, purchased approximately $53 million worth of Ether last week. The company accumulated more than 338,000 ETH during May, valued at roughly $665 million at current prices. Bitmine now holds more than 5.4 million ETH, making it the largest corporate holder of the cryptocurrency, according to the report.

Tom Lee said the company intends to slow the pace of purchases as it approaches its target of controlling 5% of the Ether supply. Another Ether-focused company, Bit Digital, returned to buying activity in May with a $20 million Ether purchase. The transaction marked its first acquisition since October.

Bitcoin-focused treasury firms also continued adding to holdings. Strive disclosed the acquisition of roughly 1,944 BTC in May across several transactions totaling about $150 million. Japan-based Metaplanet also reported a Bitcoin purchase in early April, acquiring 5,075 BTC.

Meanwhile, Hyperliquid Strategies said it spent $216 million to purchase 7.3 million HYPE tokens between early December and the end of April. According to the report, the value of that investment has more than doubled following gains in the token tied to the Hyperliquid exchange ecosystem.

Several Treasury Firms Reduce Crypto Exposure

Other firms have recently reduced digital asset holdings. Nakamoto Holdings, led by David Bailey, sold 284 BTC in March, representing approximately 5% of its holdings.

Empery Digital sold 370 BTC in April in order to repay a term loan. Genius Group said in April that it liquidated its remaining 84 BTC to reduce $8.5 million in debt obligations.

Some Firms Exit Treasury Strategies Entirely

Several companies have abandoned digital asset treasury models in recent months. Forum Markets shifted its focus to tokenization earlier this year after selling approximately $114 million worth of Ether.

VivoPower, which had planned to establish an XRP-focused treasury strategy, pivoted toward data center and artificial intelligence infrastructure operations in February. The company also divested Ripple-related investments and XRP holdings as part of the transition.