Strategy's Bitcoin Sales Spark Doubts Over Digital Asset Treasuries

Strategy, led by Michael Saylor, has continued to sell Bitcoin this year, raising fresh doubts about the viability of digital asset treasury companies. The company recently authorized up to $1.25 billion in additional Bitcoin sales and has already sold around $218 million worth of Bitcoin this year to fund dividends and replenish US dollar reserves.

The move has intensified questions about the long-term prospects of these firms, which hold large cryptocurrency reserves and offer investors exposure to digital assets through publicly listed companies. Many DAT companies traded at a premium to the value of their holdings last year due to investor optimism surrounding crypto-friendly policies and rising valuations.

However, since late 2025, many DAT companies have traded below the net asset value of their holdings, a key metric known as mNAV. This is significant because treasury companies generally rely on a premium valuation to attract new investors and raise capital.