Strategy Sells BTC For First Time Since 2022, But These Firms Keep Buying
Strategy sold $2.5M BTC, its first sale since 2022, amid headwinds for corporate treasuries. While many peers have stopped buying or divested, Bitmine, Strive, and Metaplanet continue accumulating, though at a slower pace. Hyperliquid Strategies' HYPE bet doubled. The active buyer list is shrinking.
Quick Take
Strategy sold $2.5M BTC, breaking its accumulation streak for the first time since 2022.
Bitmine holds 5.4M ETH, plans to slow buys near 5% supply.
Hyperliquid Strategies' $216M HYPE purchase has more than doubled.
Several firms like Genius Group and VivoPower abandoned the treasury model entirely.
Market Impact Analysis
NeutralStrategy's small $2.5M sale may slightly dampen sentiment, but continued buying by other firms and Strategy's own large May purchases offset bearish pressure.
Speculation Analysis
Key Takeaways
- Strategy broke its accumulation streak with a $2.5M BTC sale on June 1, its first since December 2022.
- Bitmine holds 5.4M ETH worth ~$665M, planning to slow buys as it nears 5% of the ETH supply.
- Hyperliquid Strategies' $216M HYPE bet has more than doubled in value amid a broader treasury firm pullback.
- Several firms including Genius Group and VivoPower have fully exited the corporate crypto treasury model.
What Happened
Strategy (MSTR) sold $2.5 million worth of bitcoin on June 1, marking the first time it has reduced its BTC position since December 2022. The move breaks the company's long-held "never sell" narrative that had inspired a wave of corporate crypto treasuries. Michael Saylor's firm had alluded to a potential sale weeks earlier, and the execution signals a shift — however small — in its ultra-committed accumulation strategy. The sale comes as the broader corporate treasury trend faces a reckoning. Many imitators have stopped buying or liquidated entirely after crypto prices peaked in October 2023 and their stocks tumbled below net asset value. Yet Strategy remains a net buyer: it scooped up over 25,000 BTC for more than $2 billion in May alone.
The Numbers
Strategy's $2.5 million sale is a blip compared to its continued appetite. The company still holds over 500,000 BTC and was one of the largest sources of bitcoin demand in May. Bitmine (BMNR), Tom Lee's Ethereum-focused treasury, accumulated 338,000 ETH through May, bringing its total holdings to 5.4 million ETH — worth roughly $665 million. The firm plans to slow purchases as it approaches a 5% supply target. Hyperliquid Strategies (PURR) deployed $216 million into 7.3 million HYPE tokens between December and April; that position has more than doubled with HYPE's rally. Meanwhile, Strive (ASST) acquired 1,944 BTC for about $150 million in May, and Japan's Metaplanet added 5,075 BTC in early April. At the opposite end, Genius Group liquidated its remaining 84 BTC to cover $8.5 million in debt, and VivoPower abandoned the treasury model entirely.
Why It Happened
The corporate crypto treasury boom has collided with falling token prices and evaporating capital access. After peaking in October 2023, many treasury stocks cratered over 90%, leaving firms unable to raise funds on favorable terms. Strategy's sale likely reflects basic treasury management rather than a shift in conviction — the amount is tiny relative to its balance sheet. For die-hard accumulators like Bitmine and Strive, conviction and remaining financial flexibility keep them buying. The HYPE treasury's success shows niche token bets can still pay off, though such moves amplify risk. Ultimately, the model is evolving from a wide trend to a concentrated set of well-capitalized players.
Broader Impact
The shrinking buyer pool reduces one leg of institutional crypto demand, but overall market impact may be limited given these treasuries' relatively small volumes compared to ETFs and other inflows. The shakeout marks a maturation: only firms with strong balance sheets and clear conviction survive. It also highlights a shift toward token-specific treasuries, as seen with Hyperliquid Strategies' HYPE bet. The days of copycat treasuries raising easy capital to buy bitcoin are likely over.
What to Watch Next
- Strategy's next purchase disclosures — whether the sale was a one-off or the start of periodic reductions.
- Bitmine's ETH accumulation pace as it nears its 5% supply target; any slowdown could ease supply-side pressure on ether.
- HYPE price action and Hyperliquid Strategies' potential profit-taking after the token's sharp run-up.
This article is for informational purposes only and does not constitute financial advice.
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