When the Bitcoin Treasury Party Ended, Someone Forgot to Tell the Treasury 🪦

A wave of digital asset treasury companies are selling bitcoin, cutting debt and in some cases shutting down entirely after the cryptocurrency's roughly 50% slide from its October 2025 record of $126,000, with bitcoin (BTC) most recently trading at $65,367.64. According to VanEck Head of Digital Assets Research Matthew Sigel, several firms have now exited crypto altogether or are meaningfully trimming their holdings as share prices collapse under the weight of debt obligations and tougher market conditions.

This week alone, Satsuma Technology (SATS) shareholders approved the liquidation of all 668 BTC, a return of capital and a delisting from the London Stock Exchange. Fellow LSE-listed Smarter Web Company (SWC) sold 178 BTC to repay a convertible instrument, with CEO Andrew Webley saying, "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." Other companies abandoning or scaling back the treasury model include Sequans Communications (SQNS), which sold 1,025 BTC and then disposed of nearly 80% of what remained to repay convertible debt, has ruled out further buys, and plans to monetize its remaining 658 BTC.

Nakamoto (NAKA), whose shares have fallen 99% since its May 2025 SPAC deal, sold around 284 BTC to raise $20 million for working capital following its acquisitions of BTC Inc. and UTXO Management, and also sold roughly 40 BTC received through its derivatives program, according to VanEck's Sigel. Almost 70% of its remaining 5,342 BTC were pledged against a Kraken loan maturing.

The original architect of the model, Strategy (MSTR), launched the corporate bitcoin treasury playbook in 2020, and Bitcoin miners MARA and Bitdeer have also sold holdings to finance AI infrastructure buildouts, while leadership turnover at Twenty One Capital and the collapse of BSTR's planned merger underscore the broader shakeout across the digital-asset treasury sector.