Why Some Bitcoin Treasury Companies Have Quietly Flipped From Buying to Selling

The now-familiar story of the corporate bitcoin treasury company, a publicly traded firm that raises capital specifically to accumulate and hold bitcoin on its balance sheet, has largely been told as a one-directional narrative: companies announce a bitcoin strategy, raise capital through share issuance or debt, and steadily grow their holdings quarter after quarter. Recent filings complicate that picture, showing that at least some companies in this category have quietly reversed course, moving from aggressive buying to active selling within a relatively short span.