Bitcoin Treasury Strains Emerge Amid Record Negative Coinbase Premium

The Bitcoin treasury model is experiencing significant strain as institutional investment vehicles shed 10% of their BTC holdings since May, according to analysis.

Data from CryptoQuant shows that combined institutional BTC exposure has fallen from 1.33 million to 1.20 million over three months.

This drawdown comes as corporate treasuries face upheaval, with business intelligence software company Strategy selling 1,638 BTC last week. Novaque Research commented that 'Bitcoin treasury companies once amplified demand through a reflexive financing loop.'

Strategy's stock is trading below the net asset value (NAV) of its BTC holdings, which has raised concerns about the sector's sustainability.