Bitcoin treasuries are seeing significant sell-offs as falling prices and extended consolidation push public companies and governments to liquidate holdings to strengthen balance sheets.
Sovereign selling is picking up, with Bhutan continuing to trim its bitcoin reserves built through state-backed mining. At the same time, firms and investors that entered the market heavily over the past two years are increasingly exiting, signaling rising caution.
Companies once seen as long-term holders are now selling as persistent price weakness weighs on financials and strategic plans.
Empery Digital (EMPD) sold 370 BTC at an average of $66,632 on Wednesday, raising $24.7 million and leaving the company with 2,989 BTC. Proceeds were used to fully repay a term loan and release around 1,800 BTC previously held as collateral. Empery began building its bitcoin treasury in July 2025, peaking near 4,000 BTC, while its shares have dropped 75% from the 2025 high of $15.80.
Genius Group (GNS), an AI-focused bitcoin education company, has fully liquidated its holdings. Once holding 440 BTC, the company recently sold its last 84 BTC to repay $8.5 million in debt and plans to rebuild its treasury when market conditions improve.
The trend also extends to larger players. Riot Platforms (RIOT), a leading U.S.-listed bitcoin miner, reportedly sold 500 BTC worth $34.13 million on Wednesday to fund its pivot into AI and high-performance computing. Riot sold roughly $200 million in bitcoin during the last two months of 2025. Unlike treasury adopters, Riot accumulates bitcoin through mining, peaking at over 19,000 BTC, and now holds around 17,500 BTC.
Bhutan has sold a total of 3,103 BTC, including 375 BTC on March 30, according to Glassnode. The country’s holdings peaked at more than 13,000 BTC in October 2024.
Despite the sell-off, public bitcoin treasury companies still collectively hold roughly 1,164,800 BTC—over 5% of the total 21 million BTC supply, according to BitcoinTreasuries.net.
At the time of writing, bitcoin was trading near $66,500, down more than 2% in the past 24 hours, according to CoinDesk data.
