Corporate Bitcoin Treasuries Start to Unwind

For much of the past two years, publicly listed companies have been competing to raise capital and buy Bitcoin, presenting themselves as leveraged alternatives to holding the asset directly.

This model worked quite well at first, with their shares trading above the value of the Bitcoin on their balance sheets. Some experienced massive growth within months.

However, Scorpions' immortal song has come to life, there's a wind of change. The largest corporate holder, Strategy, began accumulating Bitcoin roughly six years ago and increased its purchases after the US presidential elections in late 2024.

The company made no new acquisitions for weeks now while focusing on rebuilding its USD reserve. Its first sale changed everything, even though it's apparent (for now) that Strategy has not abandoned Bitcoin.