Key facts
- Bitcoin treasury companies including Strategy, Satsuma, Smarter Web Company, Sequans, Nakamoto, and Empery Digital have sold bitcoin.
- Holdings were sold to repay debt, fund operations, finance buybacks, or strengthen cash reserves.
- Bitcoin miners MARA and Bitdeer are selling bitcoin to fund AI infrastructure.
- Satsuma Technology is liquidating all its bitcoin holdings and delisting from the London Stock Exchange.
- Strategy, the largest publicly listed bitcoin holder, sold approximately 3,620 BTC and authorized further sales.
Bitcoin treasury companies are significantly reducing their cryptocurrency holdings or exiting the space entirely as the price of bitcoin has fallen approximately 50% from its October 2025 peak of $126,000. Firms like Strategy, Satsuma Technology, Smarter Web Company, Sequans Communications, Nakamoto, and Empery Digital have sold substantial amounts of bitcoin to manage debt, fund operations, or bolster cash reserves.
Satsuma Technology is set to liquidate all its bitcoin and delist from the London Stock Exchange, while Smarter Web Company and Sequans Communications have sold bitcoin to repay convertible debt. Nakamoto has sold bitcoin for working capital and faces potential risk with a large portion of its remaining holdings pledged against a loan.
Beyond specialist treasury firms, bitcoin miners such as MARA and Bitdeer are also selling their bitcoin reserves to finance investments in artificial intelligence infrastructure. This strategic pivot reflects a broader industry trend of repurposing energy and computing resources towards AI data centers.
Corporate actions and leadership changes further indicate market disruption. Jack Mallers has resigned as CEO of Twenty One Capital, and Adam Back's Bitcoin Standard Treasury Company (BSTR) failed to complete a proposed merger due to unfavorable market conditions. Despite these challenges, Strategy, the largest public holder of bitcoin, remains committed to its strategy, with CEO Michael Sayler indicating potential dividend payouts funded by bitcoin sales.