Former accumulators forced to sell amid collapsing share valuations and maturing debt
Bitcoin treasury companies that pioneered the strategy of accumulating the asset through leverage are now liquidating holdings to repay debt, fund operations, and stabilize cash positions as bitcoin prices have fallen approximately 50% since reaching a record $126,000 in October 2025.
Strategy, the largest publicly listed bitcoin holder with 840,000 BTC remaining, has sold 3,620 BTC in recent weeks. CEO Michael Sayler said the sales are tactical rather than strategic. “We will probably sell some Bitcoin to fund a dividend just to inoculate the market. That’s not a signal of broad-based exit plan,” Sayler said.
Satsuma Technology, an LSE-listed company, is liquidating all 668 BTC holdings and delisting from the London Stock Exchange after shareholders approved the move. Smarter Web Company sold 178 BTC to repay a convertible instrument entered in August 2025. CEO Andrew Webley said the company no longer views convertible instruments as the right capital solution. “When we entered into Smarter Convert in August 2025, it provided an innovative alternative to traditional leverage. Whilst we continue to recognise the potential benefits of both fiat and Bitcoin-denominated convertible instruments, we do not currently believe they represent the right capital solution for The Smarter Web Company,” Webley said.
Sequans Communications sold 1,025 BTC before deciding to monetize 658 BTC in remaining holdings. Nakamoto, a SPAC-listed company that completed its deal in May 2025, has sold 284 BTC to raise $20 million for working capital and an additional 40 BTC through a derivatives program. The company’s share price has declined 99% since the SPAC merger closed.
Nakamoto holds 5,342 BTC, with approximately 70% pledged against a Kraken loan maturing in December 2026. The company acquired BTC Inc. and UTXO Management as part of its SPAC transaction.
Crypto miners Bitdeer and MARA Holdings are also selling bitcoin to repurpose energy-supply deals and computing resources for AI data centers. Jack Mallers stepped down as CEO of Twenty One Capital. Adam Back’s Bitcoin Standard Treasury Company abandoned a proposed merger due to unfavorable market conditions.
Matthew Sigel, VanEck Head of Digital Assets Research, noted the shift. Strategy pioneered the digital asset treasury model in 2020, spurring a wave of publicly listed imitators who borrowed to buy bitcoin during the price climb.
