Public companies that leaned on bitcoin treasury narratives are starting to cash out parts of those holdings. Strategy (MSTR), the world’s largest listed corporate bitcoin holder, has sold bitcoin for two straight weeks. Trump Media & Technology Group cut its holdings by 65 BTC in the second quarter. Empery Digital also sold 1,635 BTC within about a month to repay debt and help fund its shift toward AI data center projects.
Strategy used bitcoin sale proceeds to repurchase STRC
Strategy sold 1,690 BTC last week and brought in $108.6 million. The company also raised $653.1 million by issuing 6.59 million common shares.
According to the report, all proceeds from the bitcoin sale were used to buy back STRC preferred shares. Of the funds raised from the common stock sale, $650 million was added to dollar reserves, lifting that balance to $4.65 billion.
This was Strategy’s fourth public disclosure of bitcoin sales this year. Its cumulative sales in 2026 now stand at 6,948 BTC. Even after those disposals, Strategy still holds 840,447 BTC with a total acquisition cost of about $63.36 billion and an average carrying cost of $75,385 per bitcoin. After fees, the average sale price in the latest disposal was $64,262 per coin, meaning the company sold below its average holding cost.
Strategy still has $785.2 million remaining under its preferred share repurchase program. STRC has also recovered to around $95.45.
Trump Media posted a larger loss and trimmed bitcoin holdings
Trump Media & Technology Group reported weak second-quarter results. Unrealized losses tied to declines in bitcoin and Cronos (CRO) pushed quarterly net loss up by more than 10 times to $238 million, while loss per share widened to $0.86.
Regulatory filings showed the company’s bitcoin holdings fell by 65 BTC during the quarter to 9,477 BTC. Total asset value was about $1.2 billion.
On the earnings call, acting CEO Kevin McGurn said the company had sharply reduced newer businesses including online gambling and cryptocurrency initiatives, and was refocusing on its core social platform, Truth Social.
McGurn said the company would center its efforts on the newly launched Truth API data licensing business, which gives high-frequency trading firms early access to public posts. The company said 10 customers have already signed up, and the product is expected to add $7 million to $12 million in annual revenue. He also said the merger with fusion company TAE remains on schedule.
Empery sold 1,635 BTC to repay debt and support its AI pivot
Empery Digital said in its latest quarterly filing that it sold 1,635 BTC from July to early August, generating $102.2 million. After excluding pledged bitcoin, its unrestricted holdings dropped sharply to just 325 BTC.
The proceeds were mainly used to repay repo facility borrowings and secured debt. The company also reduced pledged bitcoin from 1,539 BTC to 954 BTC, easing pressure from a 143% forced liquidation threshold in its loan terms.
Even so, Empery still faces a working capital gap and fresh funding needs linked to its business shift. The company has already invested $2.9 million into real estate joint venture EMHU. If the planned data center real estate acquisition closes, it will face an additional $62.1 million funding obligation.
That comes on top of an earlier $20 million investment in Cardinal Data Power (CDP). Management said Empery is actively repositioning toward AI data centers and may rely on operating income, derivatives, or additional bitcoin sales to meet future cash needs.
Bitcoin treasury strategies are facing a liquidity test
Across these companies, the pattern is clear: bitcoin reserves are being used as a source of liquidity. Strategy is supporting its STRC buyback, Trump Media is shrinking crypto exposure while pushing data licensing, and Empery is selling coins to manage debt and finance an AI-related transition. The wave of disposals points to growing pressure on bitcoin treasury models when financing costs, liquidation thresholds and operating losses all hit at once.