Bitcoin Society, the investment vehicle backed by former NBA player Tony Parker and entrepreneur Éric Larchevêque, paused its Bitcoin reserve accumulation program after a drop of more than 20% in the price of BTC during the first quarter of 2026. Larchevêque explained that market conditions had become structurally unfavorable for raising capital intended to purchase additional reserves of the asset.
The decision implies a departure from Strategy’s accumulation model, which consists of aggressively loading the balance sheet with Bitcoin regardless of price. Bitcoin Society had followed that scheme since its market entry in late 2024. The idea of pausing acquisitions was defined as a strategic suspension, not a liquidation of existing positions.
The corporate Bitcoin treasury model worked thanks to a specific arbitrage: companies raised capital at elevated equity valuations and deployed it into BTC at prices that defenders of the asset considered below its intrinsic value. That differential generated a virtuous cycle that held until it didn’t. By late 2025, Strategy’s shares had fallen 51% year-over-year, illustrating the deterioration of the mechanism.
An analysis by Standard Chartered estimated that, with Bitcoin trading below $90,000, approximately 50% of companies with BTC treasuries would face viability problems. Bitcoin Society’s decision appears to have been made in that context.
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