I have been tracking the movements of these treasury companies, and last week something quite interesting happened in the market. Strategy just invested $204 million to acquire no less than 3,015 bitcoins at a price of $67,700 each. It’s a huge increase compared to the previous week, a 412.8% rise. Now, the company holds a total of 720,737 bitcoins in its treasury, which is simply monumental.

What catches my attention is the contrast happening in parallel. While Strategy continues buying aggressively, other publicly traded companies are in a completely different situation. GD Culture just authorized the sale of its 7,500 bitcoins to fund a share buyback plan. It’s a forced decision; the company needs liquidity, and the crypto market has been challenging. The same happened recently to ETHZilla with its Ethereum holdings—they were forced to sell to survive.

Overall, publicly traded companies worldwide bought a net total of $208.79 million in Bitcoin last week, representing a 348% increase compared to the previous week. But there are important nuances here. Metaplanet in Japan didn’t buy anything; it has gone seven weeks without making moves. Other companies like DayDayCook invested $4.22 million in 50 bitcoins, and OrangeBTC from Brazil spent $470,000 on 0.7 bitcoins.

What’s interesting is the dilemma these companies face. Some analysts like Wojciech Kaszycki, Chief Strategy Officer of BTCS, suggest that 2026 could bring a wave of consolidation in the crypto treasury sector. Companies trading at a discount relative to their net asset value could be acquired, especially those with real operations beyond just accumulating bitcoins. EmperyDigital, for example, rejected a shareholder proposal to liquidate all its bitcoins, standing firm on its long-term strategy despite its shares trading below net asset value.

On the Ethereum side, Bitmine bought 50,928 ETH last week for $98.53 million, bringing its total holdings to 4,473,587 ETH. But FG Nexus is in a tricky situation; it sold 7,550 ETH more recently, accumulating unrealized losses of approximately $82.8 million. The company bought at high prices of $3,860 and is now selling at much lower prices.

In total, global publicly traded companies hold 981,150 bitcoins, representing 4.9% of the circulating bitcoin supply. The current market value of these holdings is approximately $64.26 billion. It’s a number that reflects how the institutional sector continues to see bitcoin as a strategic treasury asset, although timing is everything in this game.