Publicly traded companies holding Bitcoin finance their purchases using debt instruments (convertible notes, preferred shares, credit facilities) with maturity dates and dividend schedules that can force them to sell BTC on fixed timelines. Strategy (formerly MicroStrategy) sold its first Bitcoin in May 2026, while Bitdeer completely emptied its treasury in early 2026 to pivot toward AI. Estimated scenarios suggest between 77,100 and 128,500 BTC could be sold over the next two years under adverse conditions, representing 6 to 10 percent of the roughly 1.285 million BTC currently held by public companies. The key figure to track for each company is the portion of its Bitcoin free of debt claims, dividend obligations, and maturity dates, as this will determine whether these reserves behave like capital reserves or collateral awaiting a due date.
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