A recent report from Bitcointreasuries.net has highlighted a significant shift in the behavior of Bitcoin (BTC) treasuries, revealing that the number of sales has outpaced purchases for the first time in February.
Bitcoin Treasuries Experience Net Decrease
According to the report, public companies engaged in treasury strategies purchased or disclosed nearly 7,800 BTC worth approximately $522 million at the end of February 2026.
Notably, about two-thirds of these acquisitions were attributed to a single entity, Michael Saylor’s Strategy (previously MicroStrategy), while just six other companies accounted for the rest.
However, selling activity overshadowed these additions, with various public treasuries collectively selling or reducing their holdings by approximately 8,600 BTC. This resulted in a net decrease of around 800 BTC for the month.
Even if there had been no sales in February, the net additions would still have paled in comparison to previous months, such as January and December, which saw gains of 41,000 BTC and 29,000 BTC, respectively.
Additionally, the report analyzed the dollar value of public companies’ holdings, which fell from $102 billion in January to $78 billion in February, reflecting Bitcoin’s downtrend experienced during the month.
Despite this downturn, there is a glimmer of hope, as the report indicates that public treasuries added an estimated 62,000 BTC so far in the current quarter, primarily driven by Strategy’s activities.
Strategy Poised For Continued Dominance
Strategy emerged as the dominant player in Bitcoin acquisitions during February, purchasing 5,075 BTC, which represented two-thirds of the month’s total purchases. By the end of February, Strategy held 717,722 BTC, valued at approximately $48 billion.
The company accounted for 65% of all Bitcoin treasury buying in February, reinforcing its dominance in this sector. However, it is worth noting that this was one of Strategy’s smaller buying months, as it had 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 acquisitions during the month. Coinbase reported in its fourth-quarter 2025 results that it holds 15,389 BTC, having increased its holdings by 841 BTC since the previous quarter.
MARA Holdings also saw its balance rise, reporting 53,822 BTC at month-end—a gain of 572 BTC from the last quarter. The company, however, has faced speculation about potential sell-offs, despite clarifying its position regarding sales in its 10-K filing.
Looking ahead, the report suggests that Strategy is likely to maintain its dominance in Bitcoin buying, especially given its strong start in March and its commitment to ongoing BTC purchases.
Nonetheless, significant sales by various companies in recent months, along with new approvals for these sales from firms like MARA Holdings and GD Culture Group, may lead to further reductions in holdings and potentially result in net negative changes in the months to come.
At the time of writing, BTC was trading at $71,090, which is an increase of 1.4% over the last 24 hours, despite failing to surpass the resistance level of $74,000 earlier on Friday.
Featured image from OpenArt, chart from TradingView.com
