Treasuries Added 7,800 BTC in February, Entirely Offset By Sales and Reductions
February saw the Bitcoin treasury sector torn in two directions, marking the first time we observed monthly purchases entirely offset by sales and holdings reductions.
Public treasury companies bought or added almost 7,800 BTC worth over $520 million at month-end prices. At the same time, several public treasuries sold or reduced holdings by 8,600 BTC overall, leading to a net decrease of about 800 BTC.
Even before accounting for sales, February 2026 buying was significantly lower than January (43,000 BTC) and December (30,000 BTC) and lower than any month in 2025.
While sales remain a widespread concern, we note that this month’s negative change was a combination of reduced purchases and heightened selling. In any other month since Nov. 2024, an 8,000 BTC reduction would still have resulted in sector-wide holdings growth.
Despite heavy reductions, we note these large treasury additions:
Strategy bought 5,075 BTC — a much smaller purchase than in previous months but still enough to dominate purchases, this time making up 65% of monthly buying
Coinbase’s holdings increased by 841 BTC by our calculation, as the company’s Q4 2025 report indicates that it now holds 15,389 BTC
MARA Holdings added 572 BTC, calculated from our previous data for the company
Cleanspark’s holdings increased by 414 BTC from its previous operations update
DDC Enterprise acquired 335 BTC across several February purchases
American Bitcoin added 196 BTC by our calculations, reaching a milestone as its holdings surpassed 6,000 BTC
Jack Dorsey’s Block added 103 BTC per our data, detailed in our previous blog post
As of Feb. 28, BitcoinTreasuries.net records:
Over 4 million BTC held across all categories
1.13 million BTC held by public companies
287,990 BTC held by private companies
Top reductions came from Cango, which sold 4,451 BTC to partially pay off Bitcoin-backed loans; Trump Media, which posted 2,000 BTC as collateral in a hedge arrangement and derecognized the amount from its total balance in its 10-K report; and Fold Inc., which released 521 BTC to eliminate $66.3 million in convertible debt.
Plus, Bitdeer eliminated its entire holdings by disposing of 1,508 BTC over multiple transactions, while CEO Jihan Wu stated that holdings may not always remain at zero.
BitcoinTreasuries.net continues to track holding changes and trends in our monthly corporate adoption report. Our January report focused on Strategy’s massive buying month, our new digital credit dashboard, and market volatility affecting Bitcoin treasury stocks.
We’re set to publish our February report in the coming weeks, featuring details of the latest sell-offs and purchases, digital credit performance, treasury absorption of newly mined Bitcoin, Nakamoto Inc.’s all-stock acquisition of two major companies, and much more.