Bitcointreasuries.net’s latest report shows a notable change in corporate Bitcoin behavior: for the first time, public-company BTC sales outpaced purchases in February.
What happened
- Public companies bought or disclosed roughly 7,800 BTC (~$522 million) at month-end. About two-thirds of that — 5,075 BTC — was acquired by Michael Saylor’s Strategy (formerly MicroStrategy), with six other firms accounting for the remainder.
- Meanwhile, corporate treasuries sold or trimmed about 8,600 BTC, producing a net decline of roughly 800 BTC for February. Even without those sales, February’s gross additions would have been far smaller than the prior months’ large inflows (January’s ~41,000 BTC and December’s ~29,000 BTC).
Balance-sheet impact
- The dollar value of public-company Bitcoin holdings dropped from $102 billion in January to $78 billion in February, reflecting Bitcoin’s price weakness during the month.
- Still, public treasuries have added an estimated 62,000 BTC so far this quarter, a tally driven largely by Strategy’s aggressive buying.
Who’s buying (and how much)
- Strategy dominated February purchasing, supplying two-thirds of the month’s acquisitions and holding 717,722 BTC (~$48 billion) at the end of February. While sizable, February was one of Strategy’s smaller buying months compared with December (22,627 BTC), January (40,150 BTC) and early March (21,009 BTC).
- Other contributors: Coinbase reported 15,389 BTC in its Q4 2025 results, up 841 BTC from the prior quarter. MARA Holdings increased to 53,822 BTC (+572 BTC) by month-end, though the company has faced market speculation about potential sell-offs despite clarifications in its 10-K.
Looking forward
- The report expects Strategy to remain the dominant corporate buyer — especially given its strong start to March and stated intent to continue purchases. However, recent significant sales and fresh approvals to sell from firms such as MARA Holdings and GD Culture Group could push future net flows into negative territory.
Market snapshot
- At the time of the report, BTC was trading around $71,090, up 1.4% over 24 hours but still below a $74,000 resistance tested earlier in the week.
Bottom line
- Corporate treasuries remain a meaningful source of Bitcoin demand, but February’s shift toward net selling underscores growing variability: a single large buyer can still drive quarterly inflows, yet broader sell approvals and active reductions by multiple firms can quickly erase gains.
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