Satsuma sold all 669 BTC in late July and delisted, Bitdeer took its treasury to zero in February, and Genius Group liquidated while Vaultz dropped its treasury policy. Others sold in part, like MARA, which sold 15,133 BTC in March to buy back about $1B of convertible notes, and Empery, which sold almost half its coins.
What stands out to me is the motive and the timing. The reasons cited are debt repayment, buybacks, operating cash and AI data center spending, not a view on bitcoin’s price. Most of the sales came between February and August, when $BTC was far lower. Satsuma’s shares fell about 97% before holders voted to wind it up, so a company with debt due had little choice.
Scale matters too. Public companies reportedly held about 1.16M BTC earlier this year, so Satsuma’s 669 BTC is roughly 0.06% of that. Strategy, the original model, still holds more than 840,000 BTC after selling a small fraction, and it bought another 250 BTC on October 12.
The counter-argument is the one that matters. These buyers were a real source of demand in 2025, and if the marginal corporate buyer has gone, that bid doesn’t come back easily. Treasury holdings were worth over $100B in October, up from about $80B in September, which gives weaker firms room to sell into strength. A report this week flagged $82M of MARA deposits to exchanges.
I’d watch who has convertible debt coming due, and whether treasury stocks still trade below the value of their bitcoin.
What stands out to me is the motive and the timing. The reasons cited are debt repayment, buybacks, operating cash and AI data center spending, not a view on bitcoin’s price. Most of the sales came between February and August, when $BTC was far lower. Satsuma’s shares fell about 97% before holders voted to wind it up, so a company with debt due had little choice.
Scale matters too. Public companies reportedly held about 1.16M BTC earlier this year, so Satsuma’s 669 BTC is roughly 0.06% of that. Strategy, the original model, still holds more than 840,000 BTC after selling a small fraction, and it bought another 250 BTC on October 12.
The counter-argument is the one that matters. These buyers were a real source of demand in 2025, and if the marginal corporate buyer has gone, that bid doesn’t come back easily. Treasury holdings were worth over $100B in October, up from about $80B in September, which gives weaker firms room to sell into strength. A report this week flagged $82M of MARA deposits to exchanges.
I’d watch who has convertible debt coming due, and whether treasury stocks still trade below the value of their bitcoin.