The bitcoin treasury trend is losing steam, with companies and state entities starting to sell their reserves.

Bitcoin treasuries are facing a pullback as falling prices and extended consolidation prompt both public companies and sovereign holders to liquidate portions of their reserves to strengthen balance sheets.

Government selling is also gaining momentum, with Bhutan continuing to trim its bitcoin holdings. Meanwhile, investors and firms that entered the market aggressively over the past two years are increasingly exiting, signaling growing caution across the sector.

Public companies, once seen as steadfast long-term holders, are increasingly offloading bitcoin as sustained price weakness impacts balance sheets and strategic plans.

Empery Digital (EMPD) illustrates the trend. The company sold 370 BTC at an average price of $66,632 on Wednesday, raising $24.7 million, and now holds 2,989 BTC. Part of the proceeds was used to fully repay its term loan, while roughly 1,800 BTC previously held as collateral was released. Empery began building its bitcoin treasury in July 2025, peaking at around 4,000 BTC, but its shares have dropped 75% from their 2025 high of $15.80.

Genius Group (GNS), an AI-driven, bitcoin-focused education company, has fully liquidated its bitcoin holdings. The firm, which once held 440 BTC, recently sold its last 84 BTC to repay $8.5 million in debt, stating it will rebuild its treasury when market conditions improve.

The selling trend extends to major players as well. Riot Platforms (RIOT), one of the largest publicly traded bitcoin miners in the U.S., reportedly moved 500 BTC worth $34.13 million on Wednesday to fund its shift into AI and high-performance computing. Riot sold roughly $200 million in bitcoin during the final two months of 2025. Unlike treasury adopters, Riot accumulates bitcoin continuously through mining, reaching a peak of over 19,000 BTC. Its current holdings are around 17,500 BTC.

Sovereign holders are also reducing exposure. Bhutan has sold a total of 3,103 BTC, including a 375 BTC transaction on March 30, according to Glassnode. The country’s holdings, built over several years through state-backed mining, peaked at over 13,000 BTC in October 2024.

Despite the liquidation wave, public bitcoin treasury companies collectively still hold roughly 1,164,800 BTC—over 5% of the total 21 million BTC supply, according to BitcoinTreasuries.net.

Bitcoin traded near $66,500 at the time of writing, down more than 2% since midnight UTC, based on CoinDesk data.

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