Falling bitcoin prices have pushed a wave of corporate treasury holders to sell their coins, repay debt and restructure. Strategy, Satsuma and Sequans have unwound positions, while miners MARA and Bitdeer redirect resources toward AI infrastructure.
The companies that borrowed heavily to stockpile bitcoin are now selling it. After bitcoin slumped about 50% from its record of $126,000 in October 2025, falling share prices and debt obligations have forced former accumulators to offload holdings, repay creditors and restructure operations.
That selling reverses the model Strategy pioneered in 2020, when publicly listed imitators splurged their cash and borrowed more to buy bitcoin. According to VanEck’s head of digital assets research Matthew Sigel, several companies have now exited crypto entirely or cut their holdings substantially.
The sell-off spreads
Satsuma Technology shareholders approved liquidating all 668 BTC, returning capital and delisting from the London Stock Exchange. Fellow LSE-listed Smarter Web Company sold 178 BTC to repay a convertible instrument.
Sequans Communications sold 1,025 BTC before disposing of nearly 80% of its remaining holdings to repay convertible debt, and now plans to monetize its remaining 658 BTC. Nakamoto, whose shares have fallen 99% since its May 2025 SPAC deal, sold around 284 BTC to raise $20 million for working capital.
Miners redirect toward AI
Bitcoin miners Bitdeer and MARA Holdings are selling bitcoin to repay debt and repurpose their energy deals and computing power for AI data centers. Bitdeer had emptied its bitcoin treasury by Feb. 20, selling 189.8 newly mined BTC and pulling 943.1 BTC from reserves. MARA sold 15,133 BTC in March to repurchase about $1 billion of convertible notes due 2030 and 2031.
Strategy holds the largest stack
Strategy, which started the trend, has sold about 3,620 BTC in recent weeks and authorized more sales to support its dollar reserves. It remains the largest publicly listed holder with more than 840,000 BTC. The strain traces to STRC, its variable-rate preferred stock, which traded about 15% below par as of July 23 with an effective yield above 13%.
CEO Michael Saylor addressed the decline directly, saying on June 26 that “volatility tests every capital structure”. Even so, the debt behind these treasuries carries fixed maturities concentrated in 2027 and 2028, a calendar that could push more coins back onto the market.
Sources: CoinDesk, CryptoSlate
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