Simply Bitcoin Did The Bitcoin Treasury bubble just collapse?| EP 1446
Feb 23, 2026
They discuss whether the wave of public-company bitcoin sales signals the end of the treasury buying frenzy. MicroStrategy's latest purchase and BitDeer’s full liquidation are highlighted. Conversations cover market drivers behind the recent price drop, which treasury firms might survive, and political or institutional forces potentially suppressing big rallies.
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Bitcoin Treasury Mania Created A Paper-Bitcoin Bubble
- Bitcoin treasury companies buying mania shifted market capital away from spot Bitcoin and created a separate bubble.
- Hosts cite BitDeer selling 943.1 BTC to zero and charted consecutive weekly treasury sells as evidence the paper-Bitcoin treasury model is unwinding.
BitDeer Sold Its Entire Bitcoin Treasury
- BitDeer, a major public miner, liquidated ~1,500 BTC over recent months and sold 943.1 BTC in a final batch to reach zero holdings.
- Company said proceeds fund AI data-center land acquisition and to boost liquidity amid mining headwinds.
Public Company Treasuries Represent Concentrated Selling Risk
- Public companies collectively hold roughly 1.5 million BTC across treasury and mining treasuries, creating systemic risk if many sell.
- Hosts warn even partial liquidation from weaker treasury companies could flood exchanges and push prices lower.