Those who jumped into bitcoin In the last two years they are heading towards the exit and it is not a good sign for the market.
Public companies, once seen as long-term holders, are increasingly selling bitcoin as prolonged price weakness weighs on balance sheets and strategic plans.
Take Empery Digital (EMPD), which announced on Wednesday that it sold 370 BTC at an average price of $66,632, generating $24.7 million, leaving the company with 2,989 BTC. The company used part of the proceeds to fully repay its outstanding term loan and also released approximately 1,800 BTC that had previously been held as collateral.
Empery Digital began building its bitcoin treasury in July 2025 and amassed a maximum position of approximately 4,000 BTC. The company’s shares are down 75% from their 2025 all-time high of $15.80.
Genius Group (GNS), an AI-powered bitcoin-focused educational company that held up to 440 BTC in March last year, has completely sold out of its stash. Recently, he liquidated the last remaining 84 BTC to pay off a debt of $8.5 million. The company stated that it will resume building its bitcoin treasury when it believes market conditions are more favorable.
This trend is not just limited to medium players. According to blockchain data tracked by Lookonchain, Riot Platforms (RIOT), one of the largest publicly traded bitcoin mining companies in the US, has also been selling.
The company reportedly moved 500 BTC for approximately $34.13 million on Wednesday as it continues to leverage its bitcoin treasury to fund its pivot into artificial intelligence and high-performance computing, a strategy increasingly seen in the mining industry.
Riot sold approximately $200 million worth of bitcoin in the last two months of 2025. Riot Platforms has continuously accumulated bitcoin through its mining operations, rather than adopting a single start date for a treasury strategy, and reached peak holdings of over 19,000 BTC. The company now holds approximately 17,500 BTC.
Meanwhile, the government of Bhutan continues to reduce its bitcoin holdings, having sold a total of 3,103 BTC. A single transaction on March 30 alone is said to have liquidated 375 BTC, further trimming its position, according to Glassnode data. The government of Bhutan increased its bitcoin holdings over several years through state-backed mining operations, peaking at over 13,000 BTC in October 2024.
While the recent sell-off trend is certainly disappointing for bulls, all is not lost yet.
Public bitcoin treasury companies still hold around 1,164,800 BTC, according to BitcoinTreasuries.net. That’s more than 5% of the total BTC supply of 21 million.
At the time of writing, bitcoin changed hands at $66,500, a drop of more than 2% since midnight UTC, according to data from CoinDesk.
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