Bitcoin Treasury Firms Sell BTC, Repay Debt, Pivot to AI
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- Strategy has sold about 3,620 BTC in recent weeks and authorized additional sales to support its USD reserves, though it still holds more than 840,000 BTC and CEO Michael Sayler says the company will 'probably sell some Bitcoin to fund a dividend just to inoculate the market.'
- Satsuma Technology shareholders approved the liquidation of all 668 BTC, a return of capital, and delisting from the London Stock Exchange.
- Smarter Web Company sold 178 BTC to repay a convertible instrument, with CEO Andrew Webley saying the company no longer views convertibles as the right capital solution.
- Sequans Communications sold 1,025 BTC and disposed of nearly 80% of its remaining holdings to repay convertible debt, ruling out further purchases and planning to monetize its remaining 658 BTC.
- Nakamoto sold around 284 BTC to raise $20 million for working capital; shares have fallen 99% since its May 2025 SPAC deal, and roughly 70% of its remaining 5,342 BTC are pledged against a Kraken loan maturing in December — what VanEck's Matthew Sigel called a 'binary event.'
- MARA Holdings and Bitdeer are selling bitcoin and repurposing energy and computing resources to power AI data centers.
- Empery Digital reportedly sold almost half its bitcoin to finance buybacks and debt repayment, while Jack Mallers stepped down as CEO of Twenty One Capital and Adam Back's Bitcoin Standard Treasury Company (BSTR) failed to complete its proposed merger due to unfavorable market conditions.
Why it matters: The coordinated unwind puts Nakamoto in the most precarious position: 70% of its 5,342 BTC back a Kraken loan maturing in December, which VanEck framed as a potential binary event. Even Strategy, the trend's originator, has sold 3,620 BTC and authorized more sales, ending the all-in accumulation era as miners redirect energy and compute toward AI data centers.
