Corporate Bitcoin treasuries posted their first net-negative month on record in February, with sales and holdings reductions outpacing new purchases by roughly 807 Bitcoin (CRYPTO: BTC).

Public and private companies added approximately 7,800 BTC worth $522 million during the month, according to a BitcoinTreasuries.net report. But disposals totaled about 8,600 BTC, flipping the sector negative for the first time since the site began standardizing its data.

Who Was Selling

Cango Inc. (NYSE:CANG), a former Chinese car trader that pivoted to Bitcoin mining in late 2024, accounted for the largest single reduction.

The company offloaded 4,451 BTC to partially repay a Bitcoin-collateralized loan, raising roughly $305 million in USDT and cutting its holdings by more than half.

Trump Media & Technology Group (NASDAQ:DJT) posted 2,000 BTC as collateral in a hedging transaction. The counterparty may rehypothecate the Bitcoin, meaning it could be resold or reused.

Trump Media had accumulated roughly $2 billion in Bitcoin and Bitcoin-related securities by last summer as part of its treasury strategy.

The company has been expanding aggressively from social media into fintech and crypto, launching Truth.Fi ETFs and a digital token program while also exploring a potential spin-off of Truth Social and a $6 billion merger with fusion energy company TAE Technologies.

Bitdeer Technologies (NASDAQ:BTDR), a Singapore-based Bitcoin mining and AI infrastructure company spun off from Bitmain, liquidated its entire treasury over multiple weeks, bringing holdings to zero. CEO Jihan Wu has said the balance may not stay there permanently.

Strategy (NASDAQ:MSTR) bought 5,075 BTC across its weekly February purchases, accounting for 65% of all sector-wide additions.

It was a relatively quiet month by Strategy standards.

The company bought 40,150 BTC in January and has already added another $1.28 billion worth in the first two weeks of March.

Executive chairman Michael Saylor used the month to pitch corporate America on Strategy’s preferred share products at Bitcoin For Corporations 2026.

He has previously said the company would not sell Bitcoin even at $8,000, pledging to refinance debt instead.

What Prediction Markets Say

Polymarket’s Bitcoin price contracts currently give BTC a 68% chance of falling below $55,000 before year-end and only a 14% chance of reaching a new all-time high by Dec. 31. BTC is trading around $72,400 as of Friday, recovering modestly since the war in Iran began.

Even without the sales, February’s roughly 7,800 BTC in gross additions would have been lower than any month in 2025, according to the report.

Whether this was a one-off liquidity event or the leading edge of a broader unwind may depend on where Bitcoin’s price goes next.

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