More and more publicly traded companies that previously held Bitcoin are adjusting their long-term holding strategies. Some have liquidated their positions or stopped further purchases, while others have begun selling off some of their holdings, redirecting funds to debt repayment, buybacks, operating expenses, or new business ventures.
This shift reflects a change in how corporate treasuries use crypto assets. Bitcoin price volatility, convertible bond pressures, cash flow needs, and adjustments to core business operations are prompting some companies to move away from "continuously accumulating cryptocurrencies" as their sole option.
Several companies have withdrawn or stopped increasing their holdings.
According to Coinpedia, a number of listed companies have abandoned their original digital asset accumulation plans, including Satsuma Technology, Bitdeer, Sequans Communications, Genius Group, Prenetics, Vaultz Capital, Alpha Compute, AEG, and MAIA Biotechnology.
These companies are not entirely the same in their approach, but they are generally aligned in their direction: either sell their holdings, stop future purchases, or reallocate funds originally intended for crypto assets to other businesses.
Bitdeer sold its remaining 943 BTC in February 2026, using the proceeds to support its transformation into an AI data center business. Sequans Communications also sold most of its Bitcoin holdings to repay convertible bonds and advance its ADS buyback, stating that it has no plans to continue buying Bitcoin and is refocusing on its semiconductor business.
Genius Group emptied its entire Bitcoin treasury to pay off approximately $8.5 million in debt. Prenetics sold 510 BTC, raising approximately $41.3 million, and simultaneously implemented a policy prohibiting future purchases of digital assets.
Some large companies have begun selling their holdings.
Not all companies have chosen to exit completely, but some with large holdings have begun to reduce their positions. The report mentions that MARA Holdings, Empire Digital, and Strategy have all sold some of their Bitcoin holdings.
MARA Holdings sold approximately 15,133 BTC, worth about $1.1 billion, primarily to repay convertible bonds and reduce its financial burden. Empery Digital reportedly sold nearly half of its Bitcoin holdings to support share buybacks and debt repayments.
Strategy also sold approximately 3,620 BTC, amounting to nearly $138 million, and launched a Bitcoin monetization plan to strengthen its dollar reserves and fund preferred stock allocations. Michael Saylor had previously stated that he had never said the company would not sell Bitcoin.
Treasury strategy shifts from hoarding to proactive management
Some companies haven't completely abandoned crypto treasuries, but have shifted from simply increasing their holdings to a more flexible management approach. Companies named in the report include Nakamoto Inc., Smarter Web Company, Cango, Exodus, and DigitalX.
These companies tend to view crypto assets as readily available financial resources rather than long-term frozen reserves. The sale of holdings is used for various purposes, including day-to-day operations, mergers and acquisitions, debt repayment, and supporting broader corporate strategies.
For example, Nakamoto Inc. sold Bitcoin to support operations and acquisitions; Smarter Web Company sold 178 BTC to repay a convertible bond instrument; and Cango also sold Bitcoin as it pursued its AI transformation. Exodus continued to reduce its Ethereum holdings, while DigitalX shifted from simply accumulating to more proactively managing its Bitcoin positions.
Overall, corporate crypto treasuries are entering a new phase that places greater emphasis on liquidity and capital efficiency. For a growing number of publicly traded companies, Bitcoin is no longer just a long-term locked-up reserve asset, but a financial instrument that can be reconfigured as debt, cash flow, and business priorities change.
