Saylor's Strategy (MSTR) sold bitcoin (BTC). These crypto treasuries are still buying
Strategy sold bitcoin for the first time since December 2022, offloading about $2.5 million worth, signaling strain in the digital asset treasury model it helped popularize. Dozens of firms had raised equity and debt to buy crypto, but after token prices peaked in October, many treasury stocks fell below net asset value, making capital raising difficult and forcing some companies to stop buying or sell holdings. A few firms are still active. Bitmine bought about $53 million of ETH last week and remains the largest corporate ETH holder, though it plans to slow purchases near its 5% supply target. Bit Digital resumed ETH buying in May. Bitcoin buyers include Strive, Metaplanet, and Strategy, which still bought over 25,000 BTC in May despite the recent sale. Some firms have reduced holdings to repay debt, while others, like Forum Markets and VivoPower, have moved away from the treasury strategy entirely.
