Among others abandoning the treasury approach is Sequans Communications (SQNS), which sold 1,025 BTC before dumping nearly 80% of its remaining holdings to pay down convertible debt. It has ruled out further purchases and plans to monetize the remaining 658 BTC.
Nakamoto (NAKA), whose shares have fallen 99% since its May 2025 SPAC deal, sold around 284 BTC to raise $20 million for working capital following the acquisitions of BTC Inc. and UTXO Management. It sold approximately 40 BTC received through its derivatives program, according to VanEck’s Sigel. Nearly 70% of its remaining 5,342 BTC were pledged against a Kraken loan that was due in December, creating what Sigel described as a possible binary event.
It is not just specialized treasuries that are reducing their holdings of the largest cryptocurrency. Crypto miners, including Bitdeer and MARA Holdings, are selling bitcoin to buy back or pay off debt and repurpose their power supply agreements and computing resources to power artificial intelligence data centers.
Other sellers include Empery Digital, which reportedly sold nearly half of its bitcoin to fund buybacks and debt payments, and Strategy, which sold around 3,620 BTC in recent weeks and authorized additional sales to support its US dollar reserves.
Strategy, which started the investment trend, remains the largest publicly traded bitcoin holder, with more than 840,000 BTC. CEO Michael Sayler remains optimistic.
