Institutions and governments that rushed into bitcoin over the past two years are now heading for the exits. Empery Digital (EMPD) disclosed Wednesday it sold 370 BTC at an average price of $66,632, generating $24.7 million. The proceeds helped repay its outstanding term loan in full and released about 1,800 BTC previously held as collateral. The firm began building its bitcoin treasury in July 2025, peaking at roughly 4,000 BTC. Its shares have dropped 75% from a 2025 all-time high of $15.80.
Genius Group Exits Entire Position, Awaits Better Conditions
Genius Group (GNS), an AI-powered education company focused on bitcoin, has sold its entire stash. After holding up to 440 BTC last March, it liquidated its remaining 84 BTC to repay $8.5 million in debt. The company said it will resume building its bitcoin treasury when market conditions are more favorable.
Riot Platforms Continues Selling to Fund AI and HPC Pivot
Riot Platforms (RIOT), one of the largest publicly traded bitcoin miners in the U.S., has also been offloading coins. Blockchain data tracked by Lookonchain shows the company moved 500 BTC worth roughly $34.13 million last week. In the final two months of 2025, Riot sold about $200 million worth of bitcoin. Its peak holdings exceeded 19,000 BTC; it now holds roughly 17,500 BTC. Proceeds are funding a pivot into AI and high-performance computing, a growing trend among miners.
Bhutan Government Cuts Holdings by 3,103 BTC
Bhutan's government has steadily reduced its bitcoin position, selling a total of 3,103 BTC. A single transaction on March 30 liquidated 375 BTC, according to Glassnode data. The government accumulated bitcoin over years through state-backed mining operations, peaking at over 13,000 BTC in October 2024.
The liquidation wave, while disappointing for bulls, doesn't necessarily spell the end of the bitcoin treasury trend. Some sellers cite tactical retreats rather than strategic abandonment.