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. 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.
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