After Strategy sold 32 bitcoins, the market initially worried that more companies would follow suit and reduce their digital asset holdings. However, many analysts believe that this transaction is more of an isolated case and is unlikely to trigger a concentrated sell-off by companies holding cryptocurrencies.
The sales volume was very small.
This transaction, valued at approximately $2.5 million, marks Strategy's first Bitcoin sale since 2022. Following the announcement, the company's stock price and the price of Bitcoin both weakened.
CoinShares researchers stated that the market's sensitivity to this transaction lies not in the amount sold, but in the fact that Strategy has broken its "never sell tokens" stance for the first time. Symbolically, this is indeed a significant change, but it doesn't mean other companies will immediately follow suit.
The key lies in the capital structure.
Bitwise analysts believe that whether other digital asset treasury companies will sell their tokens depends primarily on their own capital structures, rather than on the demonstration effect of Strategy.
He mentioned that Strategy currently has approximately $6.7 billion in convertible bonds and ongoing preferred stock dividend obligations. In contrast, Strive has no short-term or long-term outstanding debt and its financing methods lean more towards equity than debt. Therefore, despite holding crypto assets, the financial pressures of different companies are not the same.
Analysts say this incident does not mean the end of the digital asset treasury model, but investors need to shift their focus from "how many coins to hold" to "how the company raises funds and how it covers its debt and dividends."
More like a financing tool test
Analysts also pointed out that the Bitcoin sold by Strategy represents only 0.004% of its holdings. During the same period, the company also raised funds through common stock and used cash to repay some of its debt.
In this context, the deal is more like a demonstration to the market that Bitcoin holdings can be used alongside equity, preferred stock, debt, and cash as part of a company's financing tools, rather than being a forced sale due to liquidity constraints.
Meanwhile, other companies continue to increase their holdings of digital assets. The report mentions that BitMine Immersion Technologies, an ETH treasury associated with Tom Lee, and Strive, a BTC treasury, collectively purchased approximately $237 million worth of digital assets, significantly exceeding the amount sold by Strive.
The market values business capabilities more.
However, analysts also caution that corporate cryptocurrency holdings are facing stricter scrutiny. With Bitcoin having fallen approximately 46% from its October 2025 high, the market's valuation logic for such companies is no longer as lenient as before.
Some industry insiders believe that in the future, the market will pay more attention not only to how much Bitcoin or Ethereum is on a company's balance sheet, but also to whether it has revenue sources, infrastructure capabilities, or a clear main business.
In other words, Strategy's recent token sale is more of a signal test than a collective shift in corporate financial models. What truly determines future differentiation will be each company's own fundraising capabilities and operational quality.
