Publicly traded companies are reversing Bitcoin treasury strategies, with Satsuma Technologies planning to sell holdings and Bitcoin miners offloading a record 32,000 BTC in Q1.
Macro & Markets ·
Publicly traded companies that built Bitcoin treasury strategies are now reversing course, with some offloading significant holdings and reassessing their models. Satsuma Technologies, a UK-listed BTC treasury company, has won shareholder approval to sell its remaining 668 BTC and delist from the London Stock Exchange, after already liquidating 579 BTC in December. Bitcoin miners have amplified selling pressure by disposing of a record 32,000 units in Q1.
The shift marks a departure from the previous two years, when listed companies competed to accumulate Bitcoin as a leveraged alternative to direct asset ownership. Corporate holders like Satsuma are now prioritizing shareholder returns and debt repayment over treasury expansion, signaling that the model's appeal has dimmed as share valuations have diverged from underlying Bitcoin holdings.
Smaller firms with expensive debt, limited operating revenue, or trading below net asset value appear most vulnerable to further forced liquidations. While some major holders have paused but not abandoned Bitcoin strategies, the combined pressure from corporate sales and miner offloads is intensifying supply on markets, with the full scope of planned exits still emerging.