12 Companies That Launched Bitcoin Treasuries in 2025 Have Sold All Their Bitcoin. Here's the Potential Impact.

A dozen of the digital asset treasury (DAT) companies that started buying and holding Bitcoin (CRYPTO: BTC) last year have already sold all their coins. According to Bitwise's October 2026 market report, the sales were mostly performed to repay debt or return cash to investors after their stocks fell.

Although this might seem bearish for Bitcoin, the reality is a bit sunnier, so let's analyze the impact of these treasury companies cashing out.

Corporate buyers absorbed about 18% of new Bitcoin supply in Q3

The 2025 class of DATs all followed the same game plan, which was pioneered by Strategy (NASDAQ: MSTR). That plan was to sell their shares or new debt to the market, use the proceeds to buy more coins, and then repeat while their stock traded above their coins' value; once that premium vanished, the script ran backward.

Sequans Communications, a chipmaker with a Bitcoin treasury, is an illustrative example. It launched its plan in June 2025, subsequently accumulating more than 3,200 coins, and by Sept. 24 of this year, it had sold the last of them after Bitcoin sales had already been used to eliminate its convertible debt.

Most of the sellers among the DATs probably took steep losses, as Bitcoin was in a bull market until October 2025, after which it entered into a bear market that sent its price below their cost basis. Public companies held Bitcoin at an average cost of $80,500 in September 2026, and that average includes the $75,412 per coin paid by Strategy, the biggest and first DAT.

Image source: The Motley Fool.

So the rest paid more for their coins during the bull market, and then sold them in the bear market, when the price was lowest. It's often been said that the best approach is the opposite course of action: to buy low and then later sell high. That's easier said than done, apparently.

The more important point here is that all the selling those holders did ended up barely denting the coin's price.

In the third quarter of this year, Bitcoin's miners produced about 41,400 coins, so corporations absorbed a net of about 18% of new supply in that quarter. Meanwhile, other big buyers, like spot Bitcoin exchange-traded funds (ETFs), acquired $6.4 billion worth of the crypto.

So the sellers never controlled much of the supply anyway, and now they're out of the market. That suggests the future impact of their sales is nil.

Can the biggest Bitcoin treasury company move the price?

The impact that smaller digital asset treasury companies had on Bitcoin's price is a different matter from the impact that Strategy has.

It held 848,517 coins as of Oct. 26, which is about 4% of Bitcoin's 21 million total supply limit. Although it has sold small portions of its coins from time to time, it controls enough of the supply that if it became a big seller, it would be a very big detriment to price.

Nonetheless, Strategy's size alone hasn't been able to impact the price via its purchases in instances where the market was already moving in the opposite direction. For instance, Strategy added 83,901 coins in Q2 2026, but Bitcoin still fell in June to its bear market depths, about 52% below its $126,080 peak. That doesn't particularly matter in the long run, as locking up more coins is still an upward pressure on price because it makes new buyers compete with each other to gain control of a portion of the supply.

A future DAT capable of moving the coin's price directly would need a huge stack, and, critically, it would need the nerve to keep buying through bear markets and dips, which Strategy has shown more consistently than its rivals. And matching Strategy's hoard would cost about $69.2 billion, which makes a new giant among cryptocurrency stocks unlikely anytime soon.

Alex Carchidi has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.