Declining stock prices, debt responsibilities, and challenging market dynamics are prompting former Bitcoin investors to liquidate their assets and restructure their businesses.
By James Van Straten|Edited by Sheldon Reback Jul 24, 2026, 10:53 a.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Declining Bitcoin prices have led some digital asset treasury firms to shut down. (Ammodramus/Wikimedia Commons)SummaryShow- Companies including Strategy, Satsuma, Smarter Web Company, Sequans, Nakamoto, and Empery Digital have liquidated Bitcoin to settle debts, fund operations, finance stock buybacks, or enhance their cash reserves.
- Bitcoin mining firms MARA and Bitdeer have sold off assets to support AI infrastructure, while leadership changes at Twenty One Capital and the failed merger of BSTR highlight ongoing turbulence in the digital asset treasury sector.
Strategy (MSTR) was a trailblazer in the digital asset treasury (DAT) model back in 2020, leading to a surge of publicly traded companies that eagerly invested their own funds and borrowed heavily to acquire Bitcoin as its value surged towards a peak of $126,000 in October 2025.
However, Bitcoin's subsequent decline of approximately 50% has caused a significant drop in share values, prompting many firms to rethink their accumulation strategies. Matthew Sigel, Head of Digital Assets Research at VanEck, noted that many companies have either exited the cryptocurrency market or drastically reduced their holdings.
This past week, Satsuma Technology (SATS) shareholders approved the liquidation of their entire 668 BTC, returning capital and planning to delist from the London Stock Exchange. Another firm listed on the LSE, Smarter Web Company (SWC), sold 178 BTC to pay off a convertible debt instrument.
“When we initiated Smarter Convert in August 2025, it offered a novel alternative to conventional leverage,” stated Andrew Webley, CEO of Smarter Web. “While we still see the potential advantages of both fiat and Bitcoin-based convertible instruments, we currently do not view them as suitable capital solutions for The Smarter Web Company.”
Other companies moving away from the treasury model include Sequans Communications (SQNS), which liquidated 1,025 BTC and sold nearly 80% of its remaining assets to pay off convertible debt, ruling out any future Bitcoin purchases and planning to monetize its remaining 658 BTC.
Nakamoto (NAKA), whose stock has plummeted by 99% since its SPAC deal in May 2025, sold around 284 BTC to generate $20 million for operational expenses after acquiring BTC Inc. and UTXO Management. Additionally, it sold about 40 BTC obtained through its derivatives program, according to Sigel from VanEck. Nearly 70% of its remaining 5,342 BTC is collateral for a loan from Kraken due in December, which Sigel labeled a potential binary risk.
It's not just treasury firms that are trimming their Bitcoin holdings; crypto miners like Bitdeer and MARA Holdings are also divesting Bitcoin to repay debts and redirect their resources towards AI data centers.
Other entities selling Bitcoin include Empery Digital, which has reportedly liquidated nearly half of its holdings to fund buybacks and debt payments, as well as Strategy, which has sold around 3,620 BTC recently and has authorized further sales to bolster its U.S. dollar reserves.
Despite the downturn, Strategy remains the largest publicly traded Bitcoin holder with over 840,000 BTC, and CEO Michael Sayler maintains an optimistic outlook. "We will likely sell some Bitcoin to support a dividend, which will help stabilize the market," he stated, clarifying that this does not indicate a broader exit strategy.
In addition to Bitcoin sales, shifts in leadership and corporate activities are also unfolding. Jack Mallers has resigned as CEO of Twenty One Capital, and Adam Back’s Bitcoin Standard Treasury Company (BSTR) was unable to finalize its proposed merger due to unfavorable market conditions.
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Markets have shifted since June, with Binance maintaining a significant market share (~55% of user funds, ~24% of spot trading) and experiencing net inflows in early July, even as the broader market faced outflows.
By CoinDesk ResearchJul 22, 2026Markets have shifted since June, with Binance maintaining a significant market share (~55% of user funds, ~24% of spot trading) and experiencing net inflows in early July, even as the broader market faced outflows.
Why it matters:
Markets have shifted since June, with Binance maintaining a significant market share (~55% of user funds, ~24% of spot trading) and experiencing net inflows in early July, even as the broader market faced outflows.
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