Bitcoin Treasury Group Turns: Selling BTC, Paying Debt, and Betting on AI, Plummeting Stock Prices Force Strategic Adjustments
Comparatively, with the sharp correction in Bitcoin prices, listed companies that once hoarded BTC are facing multiple challenges such as falling stock prices, debt pressure, and deteriorating financing environments. Some companies have begun to sell Bitcoin, repay debts, and even switch to artificial intelligence (AI) data center business.
Strategy pioneered the launch of the “Digital Asset Treasury (DAT)” model, which continues to buy Bitcoin through financing and loans, driving a number of listed companies to follow suit. However, as the price of BTC fell from the high of about $126,000 set in October 2025, the cumulative decline was about 50%, and the stock prices of related companies also shrunk drastically, forcing them to re-evaluate their coin hoarding strategies.
This week, shareholders of London-listed company Satsuma Technology approved the liquidation of all 668 BTC and the return of capital while advancing delisting. Another London-listed company, The Smarter Web Company, sold 178 BTC to pay off convertible debts.
Additionally, Sequans Communications has sold 1,025 BTC and further sold nearly 80% of its remaining holdings to repay the convertible bonds. The company said it will not continue to buy Bitcoin in the future and plans to sell the remaining approximately 658 BTC.
Nakamoto's stock price has dropped by about 99% since SPAC was listed in May 2025. Recently, it sold about 284 BTC and raised about $20 million in operating capital. Nearly 70% of the company's remaining approximately 5342 BTC has been used to secure Kraken loans, and market participants believe it is facing a potentially risky event.
At the same time, Bitcoin mining companies are also beginning to adjust their strategies. Companies such as Bitdeer Technologies and MARA Holdings are selling part of the BTC to buy back shares, repay debts, and shift energy resources and computing power infrastructure to AI data center businesses.
Other businesses that sell BTC include Empery Digital, etc. According to the data, Strategy has recently sold around 3,620 BTC and authorized further asset sales to maintain dollar reserves.
However, Strategy is still the world's largest publicly traded company Bitcoin holder, holding more than 840,000 BTC. Company CEOMichael Saylor said it is possible to sell part of Bitcoin in the future to pay dividends, but that doesn't mean the company is quitting Bitcoin investments.
In addition to asset adjustments, the management and capital operations of some Bitcoin treasury companies have also changed. Jack Mallers has stepped down as CEO; Adam Back's Bitcoin Standard Treasury Company (BSTR) also failed to complete the proposed merger due to deteriorating market conditions.
Analysts believe that as financing costs rise and BTC price fluctuations intensify, the treasury model of “borrowing money to buy coins” is undergoing a reshuffle, and some companies are shifting from simply hoarding bitcoins to AI infrastructure and business transformation with more cash flow capacity. (CoinDesk)
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