MicroStrategy sells bitcoin for first time since 2022 as corporate treasury trend narrows
In brief
- MicroStrategy sold $2.5M in bitcoin on June 1, first sale since December 2022
- Company purchased over $2B in BTC through May, remaining a major demand source
- Bitmine and Bit Digital continue ethereum purchases while peers exit or pivot strategies
- Active corporate treasury buyers have narrowed as market conditions shifted
The Streak Breaks
MicroStrategy first alluded to a potential sale earlier in May before announcing the actual transaction. The timing matters. Crypto markets peaked in October, after which token prices fell and treasury stocks slipped below net asset value. Some treasury firms' stocks fell more than 90% from their peak as the downturn deepened.
Yet Michael Saylor, MicroStrategy's Executive Chairman, continued to advocate for buying and holding bitcoin through the market downturn. The sale last week, then, signals a tactical pause rather than a strategic retreat. Despite the sale, Strategy remained one of the largest sources of bitcoin demand through May, purchasing more than 25,000 BTC for over $2 billion.
Who's Still Buying
The playbook that inspired this movement is fragmenting. Dozens of companies raised capital through stock and debt offerings to buy bitcoin, ether, and other cryptocurrencies, aiming to replicate Saylor's model. Not all are holding the line.
Bitmine purchased roughly $53 million worth of ETH last week and accumulated over 338,000 tokens through May, making it the most aggressive ethereum buyer in the cohort. The company holds more than 5.4 million ETH, making it the largest corporate holder of the token. But even Bitmine is pumping the brakes.
Tom Lee said the firm plans to slow its accumulation pace as it approaches its goal of owning 5% of the ETH supply.
Bit Digital returned to the market in May, buying $20 million worth of ETH, its first purchase since October. Strive disclosed acquiring roughly 1,944 BTC in May at a cost of about $150 million. Japan's Metaplanet acquired 5,075 BTC in early April.
The Exit Wave
Others have abandoned the thesis entirely. Nakamoto Holdings sold 284 BTC in March, about 5% of its holdings. Empery Digital sold 370 BTC in April to repay a term loan. Genius Group liquidated its remaining 84 BTC in April to pay down $8.5 million of debt.
Forum Markets, formerly known as ETHZilla, shifted its focus to tokenization after selling roughly $114 million worth of ether. VivoPower pivoted to data center and AI infrastructure in February, divesting its Ripple-related investments and XRP holdings.
The list of active buyers has narrowed considerably. Some firms are pausing. Others are selling to cover debt or chase new narratives. What looked like a durable trend—corporate balance sheets as crypto demand anchors—has revealed itself as more cyclical than permanent.
