Corporate Bitcoin Sales Spike as Treasury Model Falters

Publicly listed companies that accumulated Bitcoin (BTC) as part of their treasury strategy are now selling, marking a significant shift from the previous trend.

The largest corporate holder, Strategy, started this change with a sale in Q2 and a larger one in early July, selling over 3,500 units. Although it has since made no new acquisitions, it hasn't sold any BTC for weeks either, indicating that it's still holding onto its position.

Other companies are following suit, including Satsuma Technologies, which plans to sell all of its remaining 668 BTC and return most of the proceeds to shareholders.

Nakamoto Inc., a smaller company trading below net asset value, has already sold about 5% of its BTC position in March and another 600 units in June. Analysts believe that these sales are part of a broader trend, where only the strongest companies generating operating revenue will survive.