CoinDesk
A wave of publicly listed bitcoin treasury companies is unwinding the accumulation playbook that defined the 2024–2025 cycle, selling BTC to repay debt, fund operations and finance buybacks as their share prices collapse. Strategy, Satsuma Technology, Smarter Web Company, Sequans Communications, Nakamoto, Empery Digital, MARA Holdings and Bitdeer have all moved to reduce or restructure their bitcoin exposure over recent weeks, according to filings and statements tracked by VanEck.
Satsuma Technology shareholders approved the liquidation of all 668 BTC and a delisting from the London Stock Exchange. Smarter Web sold 178 BTC to retire a convertible instrument, with CEO Andrew Webley calling convertibles "not currently" the right capital solution. Sequans disposed of 1,025 BTC plus nearly 80% of its remaining holdings to repay convertible debt and ruled out further purchases, planning to monetize its residual 658 BTC. Nakamoto, whose shares are down 99% since its May 2025 SPAC merger, sold roughly 284 BTC to raise $20 million in working capital, with almost 70% of its remaining 5,342 BTC pledged against a Kraken loan maturing in December. Empery Digital sold roughly half its BTC for buybacks and debt repayment, and Strategy itself sold about 3,620 BTC in recent weeks while authorizing additional sales to support its dollar reserves.
Why it matters
Strategy pioneered the digital asset treasury (DAT) model in 2020, and the imitators it inspired spent 2024 and early 2025 splurging cash and borrowing more to accumulate bitcoin. With BTC down roughly 50% from its 2025 high, several DATs have exited crypto entirely or are reducing holdings substantially, according to VanEck Head of Digital Assets Research Matthew Sigel. The pivot is no longer a fringe case: it is the dominant path through the cycle.
Market impact
Miners are leading the strategic reset. MARA and Bitdeer are selling bitcoin to finance AI data center buildouts, repurposing the power-purchase agreements and compute capacity built for proof-of-work toward high-density inference workloads.
Frequently asked questions
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Why are bitcoin treasury companies selling now?
BTC is down roughly 50% from its 2025 high, share prices have collapsed, and convertible debt plus margin loans are coming due. Companies are selling to repay debt, fund operations and avoid forced liquidation on pledged holdings.
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How much bitcoin has Strategy sold?
Strategy sold about 3,620 BTC in recent weeks and authorized additional sales to support its dollar reserves. CEO Michael Saylor said the company will "probably sell some Bitcoin to fund a dividend just to inoculate the market."
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What is Nakamoto's Kraken loan risk?
Nakamoto has almost 70% of its remaining 5,342 BTC pledged against a Kraken loan maturing in December 2025. VanEck's Matthew Sigel described the maturity as a potential binary event for the company.
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Are bitcoin miners still accumulating BTC?
No. Miners including MARA Holdings and Bitdeer are now selling bitcoin to fund AI data center buildouts, repurposing their power supply agreements and compute capacity for inference workloads rather than proof-of-work.
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What is the Bitcoin Standard Treasury Company (BSTR)?
BSTR was Adam Back's bitcoin treasury SPAC. It failed to complete its proposed merger due to unfavorable market conditions, becoming one of the highest-profile casualties of the broader DAT unwind.
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