Strategy (MSTR), the company whose bitcoin accumulation playbook helped spawn a wave of digital asset treasury firms, sold BTC for the first time since December 2022, offloading roughly $2.5 million of tokens. The disclosure on Monday, June 1, follows earlier hints this month that a sale was possible and lands after a year in which the once-fashionable corporate crypto treasury model ran into stiff headwinds.

The move marks a notable shift for one of the highest-profile buyers. Strategy had continued to add to its bitcoin holdings even as market conditions deteriorated, with Executive Chairman Michael Saylor publicly backing a buy-and-hold approach. The sale, after a long accumulation streak, has intensified debate over the near-term outlook for crypto-focused treasuries and whether the pool of committed corporate buyers is narrowing.

Market Outlook

The corporate treasury trade surged in popularity last year as bitcoin, ether (ETH) and other tokens rallied, and as shares of publicly listed treasuries traded at premiums to the value of their underlying holdings. Dozens of companies tapped equity and debt markets to purchase crypto assets, seeking to mirror Strategy’s approach.

That dynamic shifted when crypto prices peaked in October. As token prices declined and many treasury stocks slipped below net asset value, companies lost the ability to raise capital on favorable terms. Some shares fell more than 90% from their highs, prompting several firms to halt purchases or become net sellers. Against that backdrop, Strategy’s readiness to sell—after signaling the possibility earlier in May and then reporting the first sale on June 1—has been read by some market watchers as a potential inflection point for the cohort.

Analyst Views

Analysts say the latest developments crystallize a bifurcated market. One camp points to Strategy’s break in its accumulation streak and the retreat of many peers as evidence that the easy phase for treasury buyers has ended. With the list of active corporate purchasers narrowing, this view holds that treasuries face tougher financing conditions and more volatile equity-market reception as they attempt to scale.

Others counter that continued accumulation by a handful of firms underscores that institutional demand has not disappeared, even if the pace is less uniform. These observers emphasize that Strategy remained a major source of demand through May, purchasing more than 25,000 BTC for over $2 billion despite last week’s sale, and argue that selective, programmatic accumulation strategies are still in play.

Still Buying

Several companies continue to add to holdings, offering a counterweight to the more cautious tone elsewhere. Bitmine (BMNR), Tom Lee’s Ethereum treasury company, purchased roughly $53 million of ETH last week and accumulated over 338,000 tokens through May, worth roughly $665 million at current prices. With more than 5.4 million ETH, Bitmine is the largest corporate holder of the token. Lee said the firm plans to slow its accumulation pace as it approaches a stated goal of owning 5% of the ETH supply, a signal that some buyers are preparing for a steadier, more measured phase of deployment.

Ethereum-centric Bit Digital (BTBT) returned to the market in May with a $20 million ETH purchase, its first since October. On the bitcoin side, Strive (ASST) disclosed acquiring roughly 1,944 BTC in May across multiple buys at a cost of about $150 million. Japan’s Metaplanet reported an early-April purchase of 5,075 BTC, adding to the ranks of active BTC-focused treasuries.

Outside BTC and ETH, Hyperliquid Strategies (PURR)—which targets HYPE, the native token of the Hyperliquid exchange and its ecosystem—said it spent $216 million to buy 7.3 million tokens between early December and the end of April. With HYPE subsequently rallying to record highs, the firm’s return on that investment has more than doubled since then, highlighting how token-specific momentum can shape performance within the broader treasury theme.

The Sellers

Other firms have trimmed positions in recent months. Nakamoto Holdings (NAKA), led by David Bailey, sold 284 BTC in March, about 5% of its holdings. Empery Digital sold 370 BTC in April to repay a term loan, while Genius Group (GNS) said in April it liquidated its remaining 84 BTC to pay down $8.5 million of debt. These actions illustrate how balance-sheet needs and capital-market constraints can override accumulation plans when market conditions turn.

Some companies have pivoted away from the treasury strategy entirely. Forum Markets, formerly ETHZilla, shifted focus to tokenization earlier this year after selling roughly $114 million worth of ether. VivoPower, which had planned an XRP-centric treasury, pivoted in February to data center and AI infrastructure, divesting its Ripple-related investments and XRP holdings.

Key Factors and Future Trends

Analysts describe a market in transition characterized by three forces: reduced access to premium-priced equity or low-cost debt financing; a narrower roster of consistent buyers; and a more selective approach to accumulation as firms weigh balance-sheet obligations against token volatility. The combination suggests an outlook where purchase activity persists but becomes more episodic, with pace and scale varying by firm and asset.

Looking ahead, market participants expect the trajectory of treasury activity to hinge on token price stability, equity market valuations for treasury stocks relative to net asset value, and companies’ progress toward stated accumulation targets. With some buyers slowing as they near internal thresholds and others selling to meet obligations or fund strategic pivots, forecasts point to a more nuanced, mixed-speed market rather than a one-way accumulation trend. For now, Strategy’s first sale since 2022—set against its substantial May purchases—captures that nuance: a sector reassessing cadence, not necessarily abandoning the playbook.