Bitcoin Treasury Firms Sell Holdings, Pivot to AI
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.
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The history behind this eventBitcoin Treasuries Shrink as Companies and Governments Begin Selling Holdings
Companies and sovereign governments that added Bitcoin to their balance sheets in recent years were once viewed as long-term holders. But a roughly 45% decline from the October 2025 peak has forced institutions to sell holdings to repay debt, release collateral and redirect capital into AI. As of April 2, 2026, listed Bitcoin treasury companies still held about 1.1648 million coins, more than 5% of Bitcoin’s total supply of 21 million, making their selling activity a key factor in market confidence.
On April 1, 2026, Empery Digital sold 370 bitcoins at an average price of $66,632, raising $24.7 million to repay a term loan. Genius Group also sold its remaining 84 bitcoins to repay $8.5 million in debt. The same day, Riot Platforms transferred 500 bitcoins worth about $34.13 million to fund its AI transition. Bhutan’s government has sold a total of 3,103 bitcoins, including 375 in a single transaction on March 30.
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