Bitcoin Treasury Firms Face Pressure as Strategy Sells BTC, While Select Companies Continue Crypto Accumulation

Strategy (NASDAQ: MSTR), the company widely credited with popularizing the corporate Bitcoin treasury strategy, has sold Bitcoin for the first time since December 2022, offloading approximately $2.5 million worth of BTC. The move comes as digital asset treasury firms face increasing pressure from declining cryptocurrency prices and weakening investor sentiment.

Over the past year, numerous companies adopted Michael Saylor’s Bitcoin accumulation model, raising capital through stock offerings and debt financing to purchase Bitcoin, Ethereum (ETH), and other cryptocurrencies. The strategy gained traction as crypto prices surged and treasury-focused stocks traded at premiums to their net asset values. However, market conditions shifted after crypto prices peaked in October, causing many treasury stocks to fall sharply and limiting companies’ ability to raise new capital.

Despite maintaining its long-standing commitment to buying Bitcoin throughout much of the downturn, Strategy hinted at a potential sale in May before confirming the transaction on June 1. While some investors may view the move as a sign that the crypto treasury trend is fading, several companies continue to expand their digital asset holdings.

Ethereum treasury firm Bitmine (BMNR), led by Tom Lee, purchased roughly $53 million worth of ETH last week and accumulated more than 338,000 ETH during May. The company now holds over 5.4 million ETH, making it the largest corporate Ethereum holder. Bit Digital (BTBT) also resumed buying Ethereum, acquiring approximately $20 million worth of ETH in May after a lengthy pause.

Among Bitcoin-focused companies, Strive (ASST) acquired around 1,944 BTC in May for roughly $150 million, while Japan’s Metaplanet added 5,075 BTC in April. Hyperliquid Strategies (PURR) continued investing in HYPE tokens, spending $216 million to acquire 7.3 million tokens through April.

Meanwhile, several firms have reduced or exited their crypto treasury positions. Nakamoto Holdings (NAKA), Empery Digital, and Genius Group (GNS) all sold portions of their Bitcoin holdings to improve liquidity or reduce debt. Other companies, including Forum Markets and VivoPower, have abandoned digital asset treasury strategies altogether, shifting their focus toward tokenization, artificial intelligence, and data center infrastructure.

Although corporate crypto accumulation has slowed significantly in 2026, select companies remain active buyers, suggesting that institutional interest in Bitcoin and Ethereum treasuries has not disappeared entirely despite ongoing market challenges.