Bitcoin treasury companies unwind holdings as the DAT model comes under pressure

Among others abandoning the treasury approach include Sequans Communications (SQNS), which sold 1,025 BTC before disposing of nearly 80% of its remaining holdings to repay convertible debt. It has ruled out further purchases 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. It 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 in December, creating what Sigel described as a potential binary event.

It’s not only specialist treasury companies that are reducing their holdings of the largest cryptocurrency. Crypto miners including Bitdeer and MARA Holdings are selling bitcoin to repurchase or repay debt and repurpose their energy-supply deals and computing resources to power AI data centers.

Other sellers include Empery Digital, which has reportedly sold almost half its bitcoin to finance buybacks and debt repayment, and Strategy, which has sold about 3,620 BTC in recent weeks and authorized additional sales to support its U.S. dollar reserves.

Strategy, which started the investment trend, remains the largest publicly listed holder of bitcoin, with more than 840,000 BTC. CEO Michael Sayler remains bullish.