Strategy (MSTR), the entity that catalyzed the digital asset treasury sector, executed its first Bitcoin sale since December 2022, offloading approximately $2.5 million worth of BTC. This transaction, reported on June 1 following hints in May, signals a significant deviation from the accumulation playbook that defined the firm's trajectory under Executive Chairman Michael Saylor. The move occurs as the broader treasury model faces severe headwinds; while dozens of firms initially raised capital via stock and debt offerings to replicate Strategy's success, the market peak in October reversed these dynamics. As token prices declined and treasury stocks traded below net asset value, many entities lost access to favorable capital, with some equities plummeting over 90% from their highs. Data compiled by Woofun AI shows that while many peers halted purchases or became sellers, Strategy maintained its buying streak through May, acquiring more than 25,000 BTC for over $2 billion before the recent liquidation.

Despite Strategy's shift, a subset of corporations continues to deploy capital aggressively, challenging the narrative of a sector-wide collapse. Bitmine (BMNR), Tom Lee's Ethereum-focused treasury, purchased roughly $53 million worth of ETH last week, bringing its total accumulation through May to over 338,000 tokens valued at approximately $665 million. The firm now holds more than 5.4 million ETH, securing its position as the largest corporate holder of the asset.

However, Tom Lee indicated that the accumulation pace will decelerate as the company approaches its strategic target of owning 5% of the total ETH supply.

Concurrently, Bit Digital (BTBT) resumed market activity in May, acquiring $20 million in ETH, marking its first purchase since October.

Bitcoin-focused treasuries also remain active, with Strive (ASST) disclosing the acquisition of roughly 1,944 BTC in May across multiple transactions at a cost of about $150 million. In the Asian market, Japan's Metaplanet reported a purchase of 5,075 BTC in early April.

Furthermore, Hyperliquid Strategies (PURR), which targets the HYPE token native to the Hyperliquid blockchain-based exchange, spent $216 million to acquire 7.3 million tokens between early December and the end of April. Woofun AI notes that given HYPE's surge to record highs, the return on this specific investment has more than doubled since the initial deployment, highlighting the divergent performance of assets within the treasury model.

Conversely, a distinct group of firms is actively reducing exposure or exiting the model entirely to manage liquidity and debt obligations. Nakamoto Holdings (NAKA), led by David Bailey, sold 284 BTC in March, representing approximately 5% of its total holdings. Empery Digital liquidated 370 BTC in April specifically to repay a term loan, while Genius Group (GNS) announced in April the liquidation of its remaining 84 BTC to pay down $8.5 million in debt. These actions reflect a broader trend where capital constraints force divestment, contrasting sharply with the aggressive accumulation seen in the previous year.

Beyond simple liquidation, some entities have fundamentally pivoted away from the treasury strategy. Forum Markets, formerly known as ETHZilla, shifted its operational focus to tokenization earlier this year after selling roughly $114 million worth of ether. Similarly, VivoPower, which had planned an XRP-focused treasury, pivoted to data center and AI infrastructure in February, divesting its Ripple-related investments and XRP holdings. Woofun AI analysis suggests that while the initial wave of treasury firms faces a bifurcation between accumulation and liquidation, the sector is evolving into a more selective landscape where only those with robust balance sheets or specific strategic pivots remain viable.