“Never-Sell” Strategy Has Now Sold Coins Three Times in a Row—The Turning Point for Corporate Treasuries Has Arrived
“Strategy’s Bitcoin holdings strategy is textbook-level. They said they would never sell.”
Then reality struck: Strategy has been selling coins consecutively since last month.
In the week of August 3, it sold 1,638 BTC at an average price of $63,957.
In the week of August 10, it sold another 1,690 BTC at an average price of $64,262.
Over six weeks, it sold a total of 6,916 BTC, cashing out $429 million.
What happened to the promised “never sell”?
Let’s look at this week’s specific figures—
From August 3 to 9, Strategy sold 1,690 BTC at an average price of $64,262, bringing in $108.6 million.
But this sale was made at a loss.
Strategy’s average cost basis for its overall holdings is $75,385. Selling at $64,262 resulted in an estimated loss of about $18.8 million on this transaction.
It is selling even at a loss.
Strategy currently still holds 840,447 BTC, with a total cost of $63.36 billion, an unrealized loss of $8.62B, or 13.6%.
840k BTC—equivalent to 4% of Bitcoin’s final supply.
A whale holding 4% of Bitcoin’s total supply is selling coins at a loss.
What is this money being used for?
It is all being used to buy back STRC preferred shares.
At the same time, Strategy raised $653.1 million by issuing 6.5857 million common shares. Of that amount, $650 million went into cash reserves.
As of August 9, the company’s dollar reserves had accumulated to $4.65 billion.
Simply put:
Strategy is doing three things—selling Bitcoin at a loss, issuing more shares, and hoarding cash.
On one side is its faith in “digital gold”; on the other is $4.65 billion in hard-cash reserves.
You tell me—which one does it truly care about now?
Some say this is merely normal capital management. In June, Strategy launched its “Digital Credit Capital Structure,” authorizing the sale of up to $1.25 billion worth of Bitcoin for stock buybacks, debt redemptions, and preferred stock dividends.
But the key issue is not “whether it can sell,” but “why it is selling now.”
STRC preferred stock has traded below its $100 face value since May and is currently around $97. Trading below face value means issuing this type of security is not profitable.
Strategy needs money to buy back preferred shares, stabilize the share price, and maintain its financing capacity.
And Bitcoin—the holy grail once revered as something that would “never be sold”—has now become a source of liquidity that can be converted into cash at any time.
When faith meets financial statements, faith is the first to give way.
But something even more interesting is happening on the other side.
While Strategy has been selling coins consecutively—
Strive added 6,236 BTC in the second quarter and accumulated 12,237 BTC in the first half of the year, achieving a Bitcoin yield of 23.9% in the second quarter. As of August 7, Strive held 20,167 BTC.
BitMine went even further. Last week, it bought another 10,399 ETH, bringing its holdings close to 5.8 million ETH, or approximately 4.8% of Ethereum’s circulating supply. The company has staked 4.9 million ETH, with expected annualized staking revenue of approximately $247 million.
One is selling, while two are buying.
Corporate treasuries are shifting from the single narrative of “only buying, never selling” to a diversified landscape in which accumulation, selling, buybacks, and cash hoarding coexist.
Here is the painful truth—
You used to think that a company buying Bitcoin meant it was bullish. That equation no longer holds.
Is Strategy still buying? Yes. But it is also selling.
Is Strive buying? Yes. But it posted a net loss of $257.6 million in the second quarter, with 94.1% coming from declines in the fair value of its Bitcoin holdings and STRC preferred stock.
Is BitMine buying? Yes. But its average cost basis for its ETH holdings is $3,369, and it currently has an unrealized loss of $840k, or 43%.
Everyone is losing money. The difference is that some are still holding on, while others have already begun cutting their losses.
The next question is: How much structural buying can corporate treasuries continue to provide for Bitcoin and Ethereum?
The answer is: less and less.
When even “Bitcoin central banks” like Strategy start using Bitcoin as an ATM, and more publicly traded companies begin adjusting their treasury strategies due to cash-flow pressures—
The corporate buying that served as the most important demand engine over the past two years is starting to stall.
More dangerously, if more companies follow Strategy’s approach and liquidate their crypto reserves when financing or cash needs rise, these former “only buy, never sell” whales will become the market’s largest potential source of selling pressure.
I am not saying Bitcoin is about to collapse.
Strategy still has 840k BTC on its balance sheet, representing 4% of the total supply. At this scale, selling tens of millions of dollars is hardly significant.
But the signal matters more than the size.
The people who said “never sell” have started selling.
They are selling even at a loss.
They have sold three times in a row.
When the biggest bulls start hedging, you should at least ask: Has the script changed?
Do you think Strategy will continue selling? Is the era of corporate treasuries “only buying, never selling” really over?
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