Strategy's Bitcoin sales trigger strain for crypto‑treasury firms

Strategy, the Nasdaq‑listed firm best known for its large Bitcoin holdings under the ticker MSTR, sold $466 million of its own shares and about $218 million of Bitcoin this year. The company kept its Bitcoin balance at roughly 843,775 BTC but boosted its cash reserves by $450 million, bringing total liquid reserves to $3.0 billion. Wall Street analysts applauded the shift toward a stronger balance sheet, noting that the pause in further Bitcoin purchases reduces selling pressure on the market and improves financial resilience.

The sales have heightened scrutiny of the digital‑asset treasury (DAT) sector, whose companies have seen Bitcoin prices drop up to 33 % in 2026 amid geopolitical tensions and tighter monetary policy. Strategy’s market‑adjusted net asset value (mNAV) fell below 1 for the first time, and many DAT firms now trade below the net value of their crypto holdings, eroding the premium that previously attracted investors. Despite the divestments, Strategy remains the largest publicly traded holder of Bitcoin, while rivals such as BitMine Immersion Technologies hold the second‑largest stash.

The combined effect has contributed to a slide in Strategy’s market capitalization to about $33.4 billion, moving it to 310th place among U.S. public companies. The broader sector faces reduced trading volumes and questions about the viability of the model if cryptocurrency prices remain depressed.