Public companies that once built their identity around accumulating bitcoin are now selling part of those holdings, paying down liabilities and reshaping operations as weaker share prices and tighter market conditions hit the digital-asset treasury trade.
According to CoinDesk, Strategy, Satsuma Technology, Smarter Web Company, Sequans Communications, Nakamoto and Empery Digital have sold bitcoin to repay debt, fund operations, finance buybacks or bolster cash reserves. Bitcoin miners MARA Holdings and Bitdeer have also sold holdings to fund AI infrastructure. At the same time, leadership changes at Twenty One Capital and the failure of BSTR’s proposed merger suggest the disruption has spread beyond simple treasury management.
The trade that started with Strategy is under pressure
Strategy (MSTR) pioneered the digital asset treasury, or DAT, model in 2020, setting off a rush of public-market imitators that used cash on hand and borrowed money to buy bitcoin as the token climbed toward a record $126,000 in October 2025.
Since then, bitcoin has fallen about 50%. Share prices across the group have dropped sharply as well, forcing many of these companies to rethink accumulation plans. Matthew Sigel, VanEck’s head of digital assets research, said several firms have now exited crypto entirely or are cutting holdings in a significant way.
Sales accelerate as debt and funding needs build
This week, shareholders of Satsuma Technology (SATS) approved the liquidation of all 668 BTC, a return of capital and a delisting from the London Stock Exchange.
Another London-listed company, Smarter Web Company (SWC), sold 178 BTC to repay a convertible instrument.
CEO Andrew Webley said in a statement, “When we entered into Smarter Convert in August 2025, it provided an innovative alternative to traditional leverage. … whilst we continue to recognise the potential benefits of both fiat and Bitcoin-denominated convertible instruments, we do not currently believe they represent the right capital solution for The Smarter Web Company.”
Sequans Communications (SQNS) is also backing away from the treasury approach. The company sold 1,025 BTC, then disposed of nearly 80% of its remaining holdings to repay convertible debt. It has ruled out additional bitcoin purchases and plans to monetize its remaining 658 BTC.
Nakamoto (NAKA), whose shares have dropped 99% since its May 2025 SPAC transaction, sold around 284 BTC to raise $20 million in working capital after acquiring BTC Inc. and UTXO Management. Sigel said the company also sold roughly 40 BTC received through its derivatives program. Nearly 70% of its remaining 5,342 BTC had been pledged against a Kraken loan due in December, which Sigel described as a potential binary event.
Miners are using bitcoin sales to help finance AI infrastructure
The retreat is not limited to specialist treasury companies. Crypto miners including Bitdeer and MARA Holdings are selling bitcoin to repurchase or repay debt while redirecting energy-supply agreements and computing resources toward AI data centers.
Empery Digital is also among the sellers. CoinDesk said the company has reportedly sold almost half of its bitcoin to finance buybacks and debt repayment. Strategy itself has sold about 3,620 BTC in recent weeks and has authorized additional sales to support its U.S. dollar reserves.
Strategy still holds the largest public bitcoin treasury
Despite those sales, Strategy remains the biggest publicly listed bitcoin holder, with more than 840,000 BTC. CEO Michael Sayler said he remains bullish.
“We will probably sell some Bitcoin to fund a dividend just to inoculate the market,” he said, adding that this should not be read as a broad-based exit plan.
Management turnover and failed deals deepen the strain
The shakeout now reaches beyond bitcoin sales. Jack Mallers has stepped down as chief executive of Twenty One Capital, while Adam Back’s Bitcoin Standard Treasury Company, or BSTR, failed to complete its proposed merger because of unfavorable market conditions.
Taken together, the moves show how quickly a balance-sheet strategy built around rising bitcoin prices can come under stress when the token falls, equity valuations break down and refinancing becomes harder. For some firms, the response has been outright liquidation. For others, it has meant debt reduction, cash preservation or a pivot of capital and infrastructure toward AI.