Corporate Bitcoin Sales Hit Rare Threshold Before Strategy's MSCI Verdict

Listed firms are disposing of Bitcoin at a pace that has matched only three prior instances. On each of those occasions, a substantial BTC advance followed. Still, investors who bought straight away endured additional declines before the market bounced back.

The Bitcoin Treasuries Buy-Sell Ratio, a metric tracking corporate acquisitions relative to disposals, has fallen to 89.58%.

Charles Edwards, who founded Capriole Investments and is part of the BeInCrypto Expert Council, highlighted the figure on X.

“Bitcoin treasury companies in capitulation. Yes this is a good thing historically. The ratio of cumulative buys to sells just dropped below 90%. This has only happened 3 other times, all were dillectible opportunities.

Why Could This Be Bullish for Bitcoin?

The ratio dipped below 90% on three earlier occasions: December 2019, June 2022 and September 2024.

BeInCrypto's analysis of historical data shows that Bitcoin later rose by between 2.1 and 9.6 times its level at the signal.

However, after those readings appeared, Bitcoin initially fell another 11% to 46%. The metric has historically flagged periods of intense selling rather than pinpointing the precise market floor.

Which Companies Are Selling Bitcoin?

Based on data from Lookonchain, 14 public corporations have sold or moved approximately 108,247 BTC, valued at $8.08 billion, during 2026.

Bitcoin miners are responsible for most of the activity.

MARA leads the list with 40,581 BTC sold, including 13,597 BTC used to repay loans backed by Bitcoin.

Some figures in the tracker reflect estimated outflows and deliveries related to trading rather than confirmed spot transactions.

Meanwhile, Strategy is still buying. It acquired another 1,036 BTC between November 2 and 8, even as Bitcoin traded beneath the company's average purchase price.

Why Tonight’s MSCI Decision Matters

The disposals occur ahead of a potentially important event for Strategy shareholders.

MSCI is set to reveal its index deletions shortly after 11 p.m. CET on November 11.

Revised eligibility criteria could bar Strategy and Metaplanet from inclusion in major equity benchmarks.

Strategy estimates that funds tracking MSCI indices own around $1.6 billion of its stock. JPMorgan previously forecast potential outflows of $2.8 billion.

Being dropped would compel affected passive funds to offload MSTR shares, possibly impairing Strategy's capacity to raise capital for additional Bitcoin acquisitions.

Strategy would not be forced to liquidate its Bitcoin holdings. Any index adjustments take effect following November 30.