Bitcoin treasury firms sell holdings, cut debt and redirect capital as share prices sink
A growing list of public companies that once embraced the bitcoin treasury model are now selling BTC, paying down debt and reworking their balance-sheet strategies after sharp declines in both bitcoin and their own share prices. CoinDesk reports that Strategy, Satsuma Technology, Smarter Web Company, Sequans Communications, Nakamoto and Empery Digital have all sold bitcoin for purposes ranging from debt repayment and operating needs to stock buybacks and cash preservation. Crypto miners including MARA Holdings and Bitdeer are also reducing holdings, using proceeds to repay or repurchase debt while shifting energy and computing capacity toward AI data centers. The pressure extends beyond asset sales. Leadership turnover at Twenty One Capital and the collapse of Bitcoin Standard Treasury Company’s proposed merger point to broader strain across the digital-asset treasury sector. Even so, Strategy remains the largest public bitcoin holder with more than 840,000 BTC, and CEO Michael Sayler said limited sales would not amount to a broad exit plan.
