At least 9 publicly listed firms have fully or partially liquidated Bitcoin treasury holdings to repay debt or fund operations.
Macro & Markets ·
At least nine publicly listed companies have fully or partially liquidated Bitcoin treasury holdings since mid-2025 to address debt obligations or fund operational needs. Full exits include Satsuma Technology, which liquidated 668 BTC following shareholder approval in July 2026; Bitdeer, which emptied its corporate Bitcoin treasury in February 2026 to support a pivot toward AI data centers; Sequans Communications, which sold over 1,000 BTC to redeem convertible debt; Genius Group, which liquidated its entire treasury to repay approximately $8.5 million in debt; Prenetics, which fully exited digital assets in May 2026; Vaultz Capital, which wound down holdings following shareholder vote; Alpha Compute, which completed a full digital asset wind-down in July 2026; AEG, which liquidated all holdings post year-end; and MAIA Biotechnology, which placed its digital asset strategy on hold with zero holdings.
Additional firms have conducted partial sales while retaining some positions. MARA Holdings sold approximately 15,133 BTC in March 2026 to repurchase convertible notes and reduce credit lines, and has formally expanded its strategy to permit balance sheet Bitcoin sales for financial flexibility. Empery Digital has been systematically selling holdings since March 2026, liquidating nearly half its BTC for approximately $87 million to fund a share repurchase and loan repayment. MicroStrategy sold discrete tranches totaling at least 3,620 BTC between May and early July 2026, with the board authorizing a broader $1.25 billion BTC monetization program.
The pattern reflects a shift away from corporate Bitcoin accumulation strategies toward using digital asset holdings as liquidity sources. Several companies have explicitly stated they will not resume Bitcoin purchases or have repositioned entirely away from digital assets, though some—including Bitdeer and Genius Group—have indicated potential future re-entry.