The “never sell” Bitcoin treasury trade is seriously starting to crack
CryptoSlate
Corporate Bitcoin treasury strategies are shifting from permanent accumulation toward active selling for debt management and dividend funding.Summary
Recent corporate actions by firms like Strategy, Sequans, and MARA reveal that the once-dominant “never sell” Bitcoin treasury model is evolving into a more pragmatic financial strategy. Companies are now treating Bitcoin as a flexible liquidity tool, selling assets to fund dividends, optimize balance sheets, or meet debt obligations when market conditions make selling more accretive than issuing equity. This shift suggests that the future of Bitcoin treasury holdings will be determined as much by corporate financing needs and technical thresholds as by long-term price conviction.
(Source：CryptoSlate)