Bitcoin Treasury Firms Sell Holdings to Fund Buybacks and AI Pivot

Strategy pioneered the digital-asset treasury model in 2020, inspiring listed companies to spend cash and borrow heavily to buy bitcoin as the token rallied. The trade depended on rising crypto prices and equity premiums that allowed firms to raise fresh capital. Bitcoin reached a record near $126,000 in October 2025 but has since fallen roughly 50%, crushing share prices and exposing debt, liquidity and refinancing risks across the sector.

By July 24, 2026, Satsuma shareholders had approved the sale of all 668 BTC, a return of capital and a London Stock Exchange delisting. Smarter Web Company sold 178 BTC to repay a convertible instrument, while Nakamoto sold about 284 BTC for $20 million in working capital; its shares are down 99% since its May 2025 SPAC deal. Miners MARA Holdings and Bitdeer are also selling bitcoin to repay debt and redirect power and computing assets toward AI data centers.

As artificial intelligence gains momentum worldwide, high-speed computing capacity and data center infrastructure have become fiercely contested assets in the technology industry. Empery Digital, a treasury company that previously held Bitcoin as a corporate reserve asset, is at a pivotal point in its business transformation. The decision reflects both strong demand for AI computing infrastructure and a broader shift by cryptocurrency-holding companies to reallocate assets in pursuit of more profitable technology opportunities.

Bitcoin treasury company Empery Digital announced in July 2026 that it had sold nearly half its Bitcoin reserves, disposing of 1,400 tokens for $87.1 million. The proceeds will fund construction of a new AI data center in the U.S. Midwest. Its shares rose after the announcement, signaling market and investor support for its pivot to artificial intelligence infrastructure.

Empery Digital, formerly electric off-road vehicle maker Volcon, pivoted to a bitcoin treasury strategy in July 2025. It once held more than 4,000 bitcoins at an average cost exceeding $117,000 each. A decline in bitcoin's price left it with an unrealized loss of about 40%, while pressure from a major shareholder made it the first copycat company to explicitly reverse the strategy.

Empery Digital announced on June 30, 2026, that it would invest $65 million for a 25% stake in a private entity partnering with Hunt Properties to acquire a 150 MW facility in the U.S. Midwest and convert it into an AI data center. The company said on July 1 that the investment would be funded from its balance sheet, while the tenant would bear construction and operating costs. It is no longer adding to its bitcoin holdings and may sell some to fund further investments.