The wave of publicly listed bitcoin treasury companies that rode BTC’s climb toward a record 126,000 dollars in October 2025 is now unwinding rapidly, with multiple firms selling holdings, repaying debt, and in some cases abandoning the strategy entirely after bitcoin slumped roughly 50% from that peak.
Who is selling and why
According to VanEck Head of Digital Assets Research Matthew Sigel, several companies have exited crypto entirely or are cutting holdings substantially. The roll call of sellers is growing fast:
- Satsuma Technology (SATS): Shareholders approved the liquidation of all 668 BTC, a return of capital to investors, and a full delisting from the London Stock Exchange.
- Smarter Web Company (SWC): The LSE-listed firm sold 178 BTC to repay a convertible instrument. CEO Andrew Webley said the firm ‘does not currently believe they represent the right capital solution for The Smarter Web Company.’
- Sequans Communications (SQNS): Sold 1,025 BTC before disposing of nearly 80% of remaining holdings to clear convertible debt. The company has ruled out further purchases and plans to monetize its remaining 658 BTC.
- Nakamoto (NAKA): Shares have fallen 99% since its May 2025 SPAC deal. The firm sold around 284 BTC to raise 20 million dollars for working capital following acquisitions of BTC Inc. and UTXO Management, plus roughly 40 BTC from its derivatives program. Sigel flagged that almost 70% of Nakamoto’s remaining 5,342 BTC were pledged against a Kraken loan maturing in December, describing that concentration as a potential binary event.
- Empery Digital: Has reportedly sold almost half its bitcoin to finance buybacks and debt repayment.
- Strategy (MSTR): Has sold approximately 3,620 BTC in recent weeks and authorized additional sales to support its US dollar reserves.
Miners pivot to AI
The pressure is not limited to pure-play treasury vehicles. Bitcoin miners MARA Holdings and Bitdeer are selling holdings to repurchase or repay debt and repurpose their energy-supply deals and computing resources to power artificial intelligence data centers.
Leadership exits and failed deals
Corporate disruption is spreading beyond balance sheets. Jack Mallers stepped down as CEO of Twenty One Capital. Adam Back’s Bitcoin Standard Treasury Company (BSTR) failed to complete its proposed merger due to unfavorable market conditions.
Strategy holds firm at the top
Strategy, which pioneered the digital asset treasury model in 2020, remains the largest publicly listed bitcoin holder with more than 840,000 BTC, and CEO Michael Saylor remains bullish. He has cast any sales as tactical rather than an exit, saying: ‘We will probably sell some Bitcoin to fund a dividend just to inoculate the market.’ By his framing, recent disposals are defensive liquidity management rather than a reversal of the core thesis.
The broader pattern is nonetheless clear: companies that borrowed heavily or issued equity at elevated valuations to accumulate bitcoin are now confronting the arithmetic of a 50% price decline, maturing debt obligations, and share prices that in some cases have collapsed by as much as 99%.
