Will Strategy's Peers Dump Bitcoin Now? Not so Fast, Analysts Say

In brief

Bitcoin treasury firm Strategy sold Bitcoin for the first time since 2022 Monday, offloading 32 $BTC for $2.5 million.

Analysts argued that other digital asset treasuries are unlikely to follow suit, with their individual finances a determining factor in whether they sell their crypto holdings.

Strategy’s $BTC sale is “showing its Bitcoin holdings are one of several funding tools it can use,” one analyst noted.

Bitcoin treasury company Strategy, and its Chair Michael Saylor, have become synonymous with the phrase "never sell your Bitcoin"—so when the firm did just that, announcing that it had offloaded 32 $BTC for around $2.5 million Monday, the firm’s stock plunged alongside the price of Bitcoin.

However, crypto market analysts don’t believe that it marks the beginning of a wave of similar sales by digital asset treasury companies. Rather, they argue, it's a much-needed wake-up call to investors to inspect each company closely.

"The market treated a tiny sale the same way it would have treated a large one. That tells you the sensitivity is to the fact that they sold at all, not to the amount," Luke Nolan, Senior Research Associate at CoinShares, told Decrypt. "So it is a watershed in the sense that the largest and most closely watched holder broke the seal, but not in the sense that it pushes other treasuries to follow."

In fact, both Tom Lee's ETH treasury firm BitMine Immersion Technologies and $BTC treasury Strive bought a combined $237 million in digital assets—a figure that dwarfs Strategy's $2.5 million sale. (Disclosure: Tom Lee is an investor in Dastan, Decrypt’s parent company).

Camran Khosravi, Research Analyst at Bitwise, told Decrypt that whether other treasury companies start selling has little to do with Strategy and everything to do with each firm's individual finances. He explained that Strategy carries "meaningful" convertible debt of around $6.7 billion and ongoing preferred dividend obligations. By contrast, Khosravi said, Strive has no short or long-term outstanding debt and funds itself through equity rather than debt.

"This is not the end of DATs," Khosravi told Decrypt, "but it’s a reminder that investors need to look closely at each treasury company’s capital structure instead of just its crypto holdings.”

However, Khosravi believes Strategy's $BTC sale wasn't for survival but to show the world that the firm can sell if it wants to, following Saylor's comments last month that it would do so "to inoculate the market—just to send the message that we did it."

Khosravi pointed out that Strategy’s sale was “extremely small relative to its holdings” at just 0.004% of its $BTC treasury, and over the same period it raised common stock and used cash to pay down debt. “This does not look like forced selling," Khosravi said, adding that, "The likelier read is that Strategy is showing its Bitcoin holdings are one of several funding tools it can use alongside equity, preferred stock, debt, and cash to fund its dividend obligations."

Sam Ruskin, a former analyst at Messari and current investor at Reciprocal Ventures, added that selling crypto is inevitable for publicly traded treasury firms.

"I don't think any public company has the luxury of 'holding forever' when you have a fiduciary obligation to shareholders, especially if you're down billions of dollars in unrealized profit and loss," Ruskin told Decrypt, adding that, "they have to please the shareholders at the top."

Despite the recent sale, Strategy's Bitcoin reserve is in the red by $5.85 billion, according to the SaylorTracker, following Bitcoin's 46% drop from all-time high prices set in October 2025, per CoinGecko data. As such, the sale comes after months of pressure mounting against treasury firms throughout the market.

"Many of these firms accumulated exposure during a period when investors were rewarding crypto-related balance sheets with premium valuations," Georgii Verbitskii, derivatives trader and founder of investor platform TYMIO, told Decrypt. "That environment has changed. Bitcoin has struggled to generate sustained upside momentum, and companies holding digital assets have been under increasing scrutiny since last autumn."

As a result, Sam Tabar, CEO of strategy asset company BitDigital, believes that market participants are demanding greater evidence of long-term value from treasury companies. Those firms without yield, infrastructure, or a product are bound to struggle more than others going forward.

"What you're seeing now isn't the end of digital assets in corporate balance sheets. It's the market asking harder questions about what the business actually does," Tabar finished. "Companies that can answer that question clearly will be fine, but those who can't are going to have a rough time."