The “debt-to-buy-crypto” treasury model is facing a systemic reshuffle as Bitcoin prices have crashed and financing conditions have deteriorated. Some companies are being forced to liquidate their holdings and pivot to AI business just to survive.
1. Bitcoin’s price fell about 50% from its roughly $1.26M peak in October 2025, causing the stock prices of BTC-holding listed companies to shrink significantly.
2. The shareholders of London-listed Satsuma approved the liquidation of all 668 BTC and the company’s move to delist; The Smarter Web Company sold 178 BTC to repay convertible debt.
3. Sequans has sold 1,025 BTC, and has also sold nearly 80% of its remaining holdings to repay the convertible bonds. It plans to sell the remaining ~658 BTC.
4. Since Nakamoto’s SPAC listing in May 2025, its share price is down cumulatively by about 99%. In recent activity, it sold about 284 BTC to raise roughly $20M in operating funds. Of its remaining 5,342 BTC, nearly 70% has already been used to secure Kraken loans.
5. Recently, Strategy sold about 3,620 BTC and authorized further asset sales to maintain a dollar reserve, but it still holds more than 840,000 BTC—making it the largest publicly traded company Bitcoin holder globally.
6. Bitcoin miners such as Bitdeer and MARA are selling portions of their BTC to repurchase shares and repay debt, and are redirecting energy resources and computing-power infrastructure to AI data center business.
1. Bitcoin’s price fell about 50% from its roughly $1.26M peak in October 2025, causing the stock prices of BTC-holding listed companies to shrink significantly.
2. The shareholders of London-listed Satsuma approved the liquidation of all 668 BTC and the company’s move to delist; The Smarter Web Company sold 178 BTC to repay convertible debt.
3. Sequans has sold 1,025 BTC, and has also sold nearly 80% of its remaining holdings to repay the convertible bonds. It plans to sell the remaining ~658 BTC.
4. Since Nakamoto’s SPAC listing in May 2025, its share price is down cumulatively by about 99%. In recent activity, it sold about 284 BTC to raise roughly $20M in operating funds. Of its remaining 5,342 BTC, nearly 70% has already been used to secure Kraken loans.
5. Recently, Strategy sold about 3,620 BTC and authorized further asset sales to maintain a dollar reserve, but it still holds more than 840,000 BTC—making it the largest publicly traded company Bitcoin holder globally.
6. Bitcoin miners such as Bitdeer and MARA are selling portions of their BTC to repurchase shares and repay debt, and are redirecting energy resources and computing-power infrastructure to AI data center business.