Public companies holding Bitcoin have sold the cryptocurrency at a pace that has only occurred three times before, according to data from Lookonchain. The Bitcoin Treasuries Buy‑Sell Ratio, which compares corporate buying to selling, fell to 89.58%, a level previously recorded in December 2019, June 2022 and September 2024.
Historical analysis by BeInCrypto shows that after each of those low‑ratio periods Bitcoin later rose between 2.1 and 9.6 times its value. However, the price initially fell an additional 11% to 46% following the signals, indicating that the metric signals heavy selling rather than a precise market bottom.
Companies Leading the Sell‑off
Lookonchain reports that 14 public companies have sold or transferred an estimated 108,247 BTC, valued at roughly $8.08 billion in 2026. Bitcoin miners account for the majority of this activity, with Marathon Digital (MARA) leading the list by selling 40,581 BTC, including 13,597 BTC used to repay Bitcoin‑backed loans. Some figures include estimated outflows and trading‑related deliveries rather than confirmed spot sales.
MicroStrategy’s Continued Buying
Despite the broader sell‑off, MicroStrategy continued to add to its Bitcoin holdings, purchasing an additional 1,036 BTC between November 2 and November 8, even as the price remained below the company’s average acquisition cost.
Implications of the Upcoming MSCI Decision
MicroStrategy faces a potential change in its index eligibility as MSCI is set to announce index removals shortly after 11 p.m. CET on November 11. New eligibility rules could exclude MicroStrategy and Metaplanet from major MSCI‑tracked stock indexes. MSCI‑tracking funds are estimated to own about $1.6 billion of MicroStrategy shares, and JPMorgan has projected possible outflows of $2.8 billion if the exclusion occurs.
Such an exclusion would likely force index funds to sell MicroStrategy shares, potentially limiting the company’s ability to raise capital for future Bitcoin purchases. The company would not be required to sell its Bitcoin holdings, and any index changes would take effect after November 30.
