Declining stock prices, mounting debt pressures, and a challenging crypto market are forcing several Bitcoin treasury companies to scale back their accumulation strategies, sell holdings, and restructure their operations.
Strategy (MSTR) popularized the digital asset treasury (DAT) model in 2020, encouraging numerous publicly traded companies to adopt similar strategies. These firms used available cash and borrowed capital to purchase Bitcoin as the cryptocurrency rallied toward its record high of nearly $126,000 in October 2025.
The strategy has come under pressure after Bitcoin lost about half of its value from those highs, triggering sharp declines in treasury-company shares and forcing firms to reconsider aggressive BTC accumulation. Matthew Sigel said several companies have either abandoned the model completely or are cutting their Bitcoin positions significantly.
Among the latest examples, Satsuma Technology (SATS) shareholders approved plans to liquidate the company’s entire 668 BTC reserve, distribute capital back to investors, and delist from the London Stock Exchange. Meanwhile, Smarter Web Company (SWC) sold 178 BTC to repay a convertible financing obligation.
Smarter Web CEO Andrew Webley said the company continues to recognize the advantages of both fiat-based and Bitcoin-linked convertible instruments but no longer considers them the appropriate funding solution for its current strategy.
Other treasury firms are also reducing their exposure. Sequans Communications (SQNS) sold 1,025 BTC before disposing of most of its remaining holdings to address convertible debt obligations. The company has stopped pursuing additional Bitcoin purchases and plans to sell its remaining 658 BTC.
Nakamoto (NAKA) has faced even greater pressure, with its shares falling 99% since its May 2025 SPAC transaction. The company sold roughly 284 BTC to raise $20 million in working capital after acquiring BTC Inc. and UTXO Management. It also sold about 40 BTC obtained through a derivatives program. Sigel warned that a large portion of Nakamoto’s remaining 5,342 BTC holdings are pledged against a Kraken loan due in December, creating a potential financial turning point.
The pullback is not limited to dedicated Bitcoin treasury firms. Crypto miners such as Bitdeer Technologies and MARA Holdings have also sold BTC to manage debt, while shifting energy resources and computing infrastructure toward AI data-center operations.
Other companies, including Empery Digital, have reportedly sold significant portions of their Bitcoin holdings to finance share repurchases and reduce liabilities. Even Strategy has sold around 3,620 BTC recently and authorized additional sales to increase its U.S. dollar reserves.
Despite the industry-wide shift, Strategy remains the largest publicly traded Bitcoin holder, controlling more than 840,000 BTC. Executive chairman Michael Saylor continues to support the company’s long-term Bitcoin strategy.
Saylor said Strategy may sell some Bitcoin to fund dividend payments, but described the move as a financial management decision rather than a sign that the company is abandoning its Bitcoin-focused approach.
Meanwhile, the broader Bitcoin treasury sector is also seeing leadership changes and stalled transactions. Jack Mallers stepped down as CEO of Twenty One Capital, while Bitcoin Standard Treasury Company (BSTR), associated with Adam Back, failed to complete its proposed merger amid unfavorable market conditions.
