12 Saylor copycats dumped everything

12 Saylor copycats dumped everything Why is smart money dumping BTC now?

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A dozen companies that built Bitcoin treasuries in 2025 have sold every coin, and Strategy itself added just 1,666 $BTC in Q3 after 83,901 in Q2. Net buying by listed firms fell about 94%. Smart money leaving, or a funding model breaking? The page leans to the latter. As Aris Will puts it, a company with bills due isn't choosing to sell, and copying Saylor was easy when everything was green. LedgerLogic calls it a shakeout of weaker copycats, not institutions abandoning $BTC, noting Strategy and Strive still buy. The math from Signal Over Noise is the sharpest: at a 30% discount to their coins, selling everything is a 43% raise for shareholders, and the copycats bought near $101.6K against $81.6K today. To him, real smart money is on the other side, with ETFs absorbing some 90,000 $BTC in Q3, 12 coins for every one listed companies added. The caveat comes from SigmaDuck, who warns more corporate selling can still dent confidence, and Signal Over Noise concedes the bid that took 129,626 $BTC in Q2 is gone while the debt is not. Slip under more cost bases and more forced sellers appear. A wrapper breaking while the coins change hands, or the first wave of a corporate unwind?

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