Corporate Bitcoin Treasuries Could Face Up to 128,500 BTC in Calendar-Driven Selling

Corporate Bitcoin treasuries could face calendar-driven selling of 77,100–128,500 BTC in a bear case over the next two years. According to NS3.AI, Strategy reported 843,738 BTC as of May 25, along with $6.7 billion in convertible notes and $15.5 billion in preferred stock. The stress case estimates potential selling could exceed 192,800 BTC if one large treasury company loses access to refinancing.