Token Metrics technicals show bitcoin is in a bearish trend with the token trading near $71,500. Strategy sold bitcoin for the first time since 2022, ending a three-year buying streak.<\/p>\n
The digital asset treasury trade grew popular in 2024. Dozens of companies raised capital through stock and debt offerings to buy bitcoin and ether, aiming to replicate Michael Saylor’s playbook. Strategy led this trend. The model worked while crypto prices surged and treasury stocks traded at premiums to their underlying values. This created a loop that attracted more companies.<\/p>\n
The trend shifted when markets peaked in October 2025. Token prices fell and stocks slipped below net asset value. Many firms lost the ability to raise capital on attractive terms, and some stocks fell more than 90% from their peak. The pressure forced companies to stop buying or start selling. Strategy held strong longer than others. Saylor kept pushing to buy bitcoin. But the market downturn tested even the strongest believers.<\/p>\n
This model relies on rising prices. When prices drop, the strategy becomes risky. Low interest rates and rising crypto prices made it attractive initially. It allowed companies to use their balance sheets to make money. But when the market turned, the risks became clear.<\/p>\n\t\t