Saylor’s Strategy sold bitcoin for the first time since 2022. These firms are still buying
With Strategy breaking its accumulation streak and many peers stepping aside, the list of active digital asset treasuries has narrowed considerably.
What to know:
- Strategy sold bitcoin for the first time since December 2022, ending a streak that helped define the crypto treasury trade.
- Most digital asset treasury firms have halted purchases or started selling assets since the market turned lower in October.
- Bitmine and Strive remained among the few companies still actively buying over the past month.
Dozens of companies raised capital through stock and debt offerings to buy bitcoin, ether (ETH) and other cryptocurrencies, aiming to replicate Michael Saylor’s playbook. The model worked for a while last year as crypto prices surged and treasury stocks traded at premiums to their underlying values.
However, that all changed as crypto markets peaked in October. As token prices fell and treasury stocks slipped below net asset value, many firms lost the ability to raise capital on attractive terms, and some stocks fell more than 90% from their peak. Some stopped buying, while others turned into sellers.
Through all that, Strategy held strong and kept buying as its Executive Chairman, Michael Saylor, continued to advocate for buying and holding.
But that didn’t hold for long. Strategy first alluded to a potential sale earlier in May and then finally reported the first sale on Monday, June 1. With Strategy breaking its accumulation streak and many peers stepping aside, some might think it’s the final nail in the coffin for the treasury firms, as the list of active buyers has now narrowed considerably.
