CoinDesk
Strategy (MSTR) sold bitcoin for the first time since December 2022, offloading roughly $2.5 million worth of BTC — a symbolic break in the accumulation streak that defined the corporate crypto treasury trade. The sale follows months of headwinds: as crypto markets peaked in October, treasury stocks slipped below net asset value, capital raises dried up, and some stocks fell more than 90% from their highs.
The field of active buyers has narrowed sharply. On the bitcoin side, Strive (ASST) acquired roughly 1,944 BTC in May at a cost of around $150 million, while Japan's Metaplanet picked up 5,075 BTC in early April. Among Ethereum-focused firms, Bitmine (BMNR) accumulated over 338,000 ETH through May — now holding 5.42 million ETH, or 4.49% of circulating supply — though Tom Lee signalled the pace will slow as the firm approaches its 5% target. Bit Digital (BTBT) also returned to the market with a $20 million ETH purchase in May.
On the other side, Nakamoto Holdings sold 284 BTC in March, Empery Digital offloaded 370 BTC in April to repay debt, and Genius Group liquidated its remaining 84 BTC entirely. Forum Markets and VivoPower have abandoned the treasury model altogether, pivoting to tokenization and AI infrastructure respectively.
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