Public companies outside the bitcoin mining sector moved into net selling territory last week, with $21.63 million in net bitcoin sales recorded by 8:00 a.m. Eastern time on Sept. 14, according to SoSoValue. The reversal followed a week of stronger buying activity, yet aggregate corporate bitcoin holdings still climbed 0.54% to 1,125,978 BTC, worth about $87.52 billion at the time of the data.
The split between weekly flows and total holdings reflects a changing corporate treasury market. A handful of companies continued adding coins, but sales from firms exiting or reshaping their cryptocurrency strategies outweighed those purchases. Strategy and Metaplanet, two of the best-known bitcoin treasury buyers, also remained inactive, removing a regular source of market demand.
KULR exits bitcoin while Strive adds 469 BTC
KULR Technology Group accounted for much of the selling pressure after reporting the disposal of its remaining 764 BTC between Aug. 20 and Sept. 11. The company sold the bitcoin at an average price of roughly $76,633, raising about $58.60 million and bringing its holdings to zero, according to its disclosure.
The complete exit stands apart from companies that have treated bitcoin as a longer-term balance-sheet reserve. KULR’s sale converted a relatively concentrated digital-asset position into cash, a move that can improve liquidity but also ends its direct exposure to bitcoin price movements.
Buying was led by Strive, which said on Sept. 14 that it acquired 469 BTC for about $36.56 million, an average purchase price of $77,954 per coin. The purchase lifted Strive’s holdings to approximately 25,000 BTC. Capital B also reported buying 4 BTC at an average price of $77,219, taking its total holdings to 3,525 BTC.
Those additions did not fully offset KULR’s disposal during the measured period. The resulting net sale was 108.1% below the previous week’s figure, according to SoSoValue, while listed companies collectively held bitcoin equal to about 5.6% of the cryptocurrency’s circulating market value.
Strategy, formerly MicroStrategy, made no bitcoin purchases for a second consecutive week. It reported U.S. dollar and cash reserves of $6.398 billion. Metaplanet also went without a purchase, extending its pause to nine straight weeks.
For companies whose market identity has become closely tied to bitcoin accumulation, a prolonged buying pause can shift attention toward financing capacity, cash management and the structure of their capital raises rather than their latest acquisition announcement.
Metaplanet expands its asset-management structure
Metaplanet is preparing to establish a wholly owned Hong Kong unit, Metaplanet Asset Management Asia Limited, with initial capital of $1 million, according to the company. The subsidiary is targeted for formation in September 2026 and would work with Miami-based Metaplanet Asset Management Inc. on trade execution and risk monitoring.
The planned entity is expected to focus on bitcoin, bitcoin-linked equities and preferred securities issued by bitcoin treasury companies. The structure would give Metaplanet a dedicated platform for managing exposure across several types of assets tied to corporate cryptocurrency balance sheets, rather than limiting its activity to direct bitcoin purchases.
Preferred stock has become an increasingly useful financing tool for treasury companies seeking capital without issuing as much common equity. DeFi Development Corp.’s latest plan illustrates the approach: the company launched an at-the-market offering of up to $300 million in Series C perpetual preferred stock, trading under the ticker CHAD, with proceeds intended mainly for further SOL purchases. The company said shares would be sold at no less than their $10 par value.
Ethereum and Solana treasuries take different paths
BitMine Immersion Technologies continued to build its Ethereum holdings, reporting the addition of 27,180 ETH last week. Its disclosed crypto holdings reached 5,956,378 ETH and 212 BTC, while 5,067,309 ETH remained staked. BitMine valued its staked ETH at roughly $12.7 billion and also reported equity positions in Eightco worth $98 million and Beast Industries worth $180 million.
Canaan moved in the other direction. The company said it sold its full 3,952 ETH position in late August at an average price of about $2,400 per ETH. It also sold 54 BTC at roughly $79,000 per coin and used part of the proceeds to repurchase about 13.60 million American depositary shares. Canaan said its year-to-date ADS repurchases totaled about 16.40 million.
The contrasting transactions show that cryptocurrency holdings are increasingly being treated as a flexible corporate finance resource. BitMine is adding and staking ETH for continued exposure and yield, while Canaan converted digital assets into capital for share repurchases.
Solana-focused treasury companies also continued to pursue expansion. DeFi Development Corp. said its SOL reserves rose by 55,491 SOL to about 2.3889 million SOL and SOL equivalents, a gain of roughly 2% from Aug. 27. SkyAI, previously known as Sharps Technology, faces a more complicated backdrop after shareholder Bastion Trading Limited filed plans to vote against all five current directors at the company’s Sept. 18 annual meeting.
Bastion, which holds 9.99% of SkyAI, made the filing after SkyAI built a Solana-focused treasury following more than $400 million in PIPE financing in August 2025. SkyAI holds about 2 million SOL valued at roughly $59 million, according to the information in Bastion’s filing, while its share price has declined about 86% over the past year.
Satsuma returns cash after bitcoin liquidation
In the United Kingdom, Satsuma Technology said it sold all 669.4867 BTC held from July 24 through July 31 at a volume-weighted average price of £46,767 per bitcoin. The sales raised £31.912 million.
The U.K. High Court approved the cancellation of 11.236 billion Class B shares on Sept. 8 and authorized a return of £30.719 million to eligible shareholders, equivalent to £0.002734 per Class B share. Satsuma said it expected payments by cheque, bank transfer or CREST on or before Sept. 28 after allowing about £2.6 million for transaction and termination costs and retaining a £2 million working-capital reserve.
The week’s activity leaves the corporate bitcoin market more divided than its headline holdings figure suggests: large treasury balances remain in place, but some companies are now using those balances to fund buybacks, corporate restructuring, or a full retreat from direct cryptocurrency exposure.
See how institutional flows shape price trends in 2026—dive into bitcoin’s outlook in this guide.
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