Bitcoin Treasury Firms Retreat as AI Pivot Replaces Crypto Accumulation Strategy

Falling stock valuations, rising debt pressures, and a tougher market environment are pushing many former Bitcoin accumulation firms to sell portions of their holdings and rethink their business models.

Strategy (MSTR) introduced the digital asset treasury (DAT) strategy in 2020, inspiring a wave of publicly traded companies to follow its lead. Many firms used corporate cash reserves and borrowed funds to accumulate Bitcoin as prices surged toward an all-time high near $126,000 in October 2025.

However, Bitcoin has since declined by roughly 50%, causing major losses in treasury-company stock prices and forcing many firms to rethink aggressive accumulation plans. According to Matthew Sigel, some companies have completely abandoned the strategy, while others are significantly reducing their Bitcoin exposure.

This week, Satsuma Technology (SATS) shareholders approved a plan to sell all 668 BTC holdings, return capital to investors, and remove the company from the London Stock Exchange. Another UK-listed firm, Smarter Web Company (SWC), sold 178 BTC to repay a convertible financing obligation.

Smarter Web CEO Andrew Webley said the company still sees potential in both traditional and Bitcoin-based convertible financing options, but believes those instruments are no longer the right funding solution for the business.

Several other companies have also moved away from the treasury model. Sequans Communications (SQNS) sold 1,025 BTC and later disposed of nearly 80% of its remaining Bitcoin holdings to reduce convertible debt. The company has ruled out future Bitcoin purchases and plans to sell its remaining 658 BTC over time.

Nakamoto (NAKA), whose stock has dropped 99% since its May 2025 SPAC transaction, sold about 284 BTC to raise $20 million in working capital following acquisitions of BTC Inc. and UTXO Management. The company also sold approximately 40 BTC obtained through its derivatives strategy. Sigel noted that nearly 70% of Nakamoto’s remaining 5,342 BTC holdings are pledged as collateral for a Kraken loan due in December, creating a significant financial risk.

The shift away from Bitcoin accumulation is also affecting crypto mining companies. Firms such as Bitdeer Technologies and MARA Holdings have sold Bitcoin to manage debt obligations while redirecting energy infrastructure and computing capacity toward artificial intelligence data centers.

Other companies reducing their exposure include Empery Digital, which has reportedly sold nearly half of its Bitcoin holdings to fund share buybacks and debt repayment. Meanwhile, Strategy has sold around 3,620 BTC in recent weeks and approved additional sales to strengthen its U.S. dollar reserves.

Despite the broader retreat, Strategy remains the largest publicly traded Bitcoin holder, with more than 840,000 BTC on its balance sheet. CEO Michael Saylor continues to defend the company’s long-term Bitcoin strategy.

Saylor said the company may sell some Bitcoin holdings to support dividend payments, describing it as a market-management measure rather than evidence of a wider exit strategy.

Beyond Bitcoin sales, the sector is also experiencing leadership changes and failed corporate deals. Jack Mallers stepped down as CEO of Twenty One Capital, while Bitcoin Standard Treasury Company (BSTR), backed by Adam Back, was unable to complete its planned merger due to unfavorable market conditions.

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