CoinDesk
Strategy, the Michael Saylor-led company whose bitcoin accumulation strategy spawned a generation of digital asset treasury firms, sold roughly $2.5 million of BTC on June 1 — its first sale since December 2022, ending a streak that became a rallying cry for the corporate crypto trade. The company remained one of the largest sources of bitcoin demand through May, purchasing more than 25,000 BTC for over $2 billion, but the first sale in two and a half years marks a symbolic break in the playbook Saylor had championed since 2020.
Why it matters
The move comes against a backdrop of broad stress in the digital asset treasury sector. Dozens of companies raised capital through stock and debt offerings to replicate Saylor's approach across BTC, ETH and other tokens, and the model worked through much of last year as crypto prices climbed and treasury stocks traded at premiums to NAV. Since crypto markets peaked in October, the trade has unwound sharply: many treasury stocks fell more than 90% from their peaks, slipping below NAV and closing off cheap capital raising. Some firms stopped buying, others became sellers, and a handful — including Forum Markets (formerly ETHZilla) and VivoPower — abandoned the treasury model entirely to pivot into tokenization and AI infrastructure, respectively.
Market impact
The active buyer list has narrowed considerably. On the ETH side, Tom Lee's Bitmine purchased roughly $53 million of ETH last week and now holds more than 5.4 million tokens, though Lee said the firm plans to slow accumulation as it approaches its 5% of ETH supply target. Bit Digital returned to the market in May with a $20 million ETH buy, its first purchase since October. On the bitcoin side, Strive disclosed acquiring roughly 1,944 BTC in May for about $150 million, while Japan's Metaplanet added 5,075 BTC in early April. Hyperliquid Strategies spent $216 million to buy 7.3 million HYPE tokens between December and April, more than doubling in value since.
Frequently asked questions
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How much bitcoin did Strategy sell and when?
Strategy sold roughly $2.5 million worth of BTC on June 1, its first bitcoin sale since December 2022 and a break in the accumulation streak Michael Saylor had maintained since 2020.
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Why are digital asset treasury firms selling or stepping back?
Since crypto markets peaked in October, treasury stocks have slipped below NAV and some have fallen more than 90% from their highs, closing off the cheap capital raises that funded the trade and forcing firms to either halt purchases or liquidate holdings.
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Which treasury companies are still actively buying crypto?
Bitmine (Tom Lee's ETH treasury) bought ~$53M of ETH last week, Bit Digital returned with a $20M ETH buy, Strive acquired ~1,944 BTC for ~$150M, Metaplanet added 5,075 BTC, and Hyperliquid Strategies spent $216M on 7.3M HYPE tokens.
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Did any treasury firms abandon the model entirely?
Yes — Forum Markets (formerly ETHZilla) pivoted to tokenization after selling ~$114M of ETH, and VivoPower scrapped its XRP-focused treasury in February to focus on data center and AI infrastructure.
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How big was Strategy's bitcoin buying before the sale?
Through May, Strategy remained one of the largest sources of BTC demand, purchasing more than 25,000 bitcoin for over $2 billion before reporting the June 1 sale.
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