A recent report by Bitcointreasuries.net noted a significant change in the behavior of Bitcoin (BTC) treasuries, showing that the number of sales exceeded purchases for the first time in February.
Bitcoin stock is experiencing a net decline
According to reportpublic companies engaged in treasury strategies bought or disclosed about 7,800 BTC worth about $522 million at the end of February 2026.
Notably, nearly two-thirds of these acquisitions were owned by a single company, Michael Saylor Strategy (formerly MicroStrategy), while only six other companies accounted for the remainder.
However, sales activity these additions were overshadowed, with various public funds collectively selling or reducing their holdings by around 8,600 BTC. This resulted in a net loss of approximately 800 BTC during the month.
Even if there were no sales in February, net additions would have been down compared to previous months like January and December, which brought in 41,000 BTC and 29,000 BTC, respectively.
In addition, the report analyzed the dollar value of shares of public companies, which fell from $102 billion in January to $78 billion, mirroring Bitcoin’s downward trend during the month.
Despite this recession, there is a ray of hope, as the report shows public funds has added approximately 62,000 BTC so far this quarter, primarily driven by Strategy activity.
The strategy is poised for continued dominance
The strategy emerged as the dominant player in Bitcoin purchases in February, buying 5,075 BTC, which accounted for two-thirds of the month’s total purchases. As of the end of February, Strategy had 717,722 BTC worth about $48 billion.
The company accounted for 65% of all Bitcoin treasury purchases in February, solidifying its dominance in the sector. However, it should be noted that this was one of the strategies smaller purchase monthssince it made larger purchases in December (22,627 BTC), January (40,150 BTC) and the first half of March (21,009 BTC).
Several other companies also contributed to Bitcoin purchases during the month. Coinbase reported in its fourth quarter 2025 results that it has 15,389 BTC, increasing its holdings by 841 BTC from the previous quarter.
MARA Holdings also saw its balance sheet grow, reporting 53,822 BTC at the end of the month, up 572 BTC from last quarter. But the company has faced speculation about a potential sale, despite clarifying its position on the sale in its 10-K filing.
Looking ahead, the report suggests that Strategy is likely to maintain its dominance in Bitcoin purchases, especially given its strong start in March and its commitment to continuing Buy BTC.
However, significant sales by various companies in recent months, together with new approvals for these sales from companies such as MARA Holdings and GD Culture Group, may lead to further reductions in holdings and possibly lead to negative net changes in the coming months.
At the time of writing, BTC was trading at $71,090, up 1.4% over the past 24 hours, although it failed to break above Friday’s $74,000 resistance level.
Featured image from OpenArt, chart from TradingView.com
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