Recently, several prominent bitcoin bulls have adjusted their strategies, with notable figures like Mark Cuban selling most of his holdings, Michael Saylor breaking his "never sell" vow to plan for small sales, government of Bhutan sold over 70% of their holdings, and major bitcoin miners liquidating reserves.

1. Mark Cuban: The billionaire investor and longtime cryptocurrency proponent revealed he sold most of his Bitcoin. He stated that bitcoin failed to act as an inflation and macroeconomic hedge during recent geopolitical conflicts.

2. Michael Saylor & Strategy Inc.: After maintaining a long-standing mantra that the company would never sell its BTC, Chairman Michael Saylor announced the company plans to sell small portions of its massive 818,000+ BTC hoard.

3. Cathie Wood (ARK Invest): Long-term mega-bull Cathie Wood has actively trimmed exposure on crypto-related equities like Coinbase and occasionally rebalanced her firm's ARK 21Shares Bitcoin ETF holdings. Cathie Wood's ARK Invest sold approximately $11 million worth of its own spot Bitcoin ETF (ARKB), $17.4 million in Coinbase shares, and roughly $12 million in surging Robinhood (HOOD) stock.

4. Public Miners (Core Scientific, MARA Holdings, etc.): Major mining firms that previously championed a strict "never sell" HODL ethos pivoted their treasury strategies to actively sell off portions of their BTC balance sheets in order to raise capital. Publicly traded bitcoin miners sold a record 32,000 BTC during the first quarter of 2026, which surpassed their total net sales for all of 2025.

5. Governments: Germany notably sold off tens of thousands of seized BTC entirely. The Royal Government of Bhutan offloaded over 70% of their BTC holdings, reducing their stash from a peak of 13,000 BTC to under 4,000 BTC as of mid-2026.

While official reasons for selling were given very different, the trend and the drastic change are visible even for ordinary observers.