Strategy bitcoin sales shine light on faltering crypto hoarding companies

Strategy and other Digital Asset Treasury (DAT) companies are facing viability concerns as bitcoin has fallen up to 33 percent in 2026 amid geopolitical tensions and a Federal Reserve revamp under new chair Kevin Warsh. Strategy has already sold about 218 million dollars in bitcoin this year to fund dividends and replenish dollar reserves, and authorized up to 1.25 billion dollars in further bitcoin sales. Many DAT companies now trade at a discount to their crypto holdings, with mNAV falling below 1, undermining their core fundraising model.