Odaily星球日报讯 据 Reuters 报道，三星与 SK 海力士即将宣布与美国科技巨头达成大规模 AI 芯片交易。
Odaily Planet Daily News As Bitcoin prices undergo a significant correction, publicly listed companies that once aggressively accumulated BTC are facing multiple challenges, including declining stock prices, debt pressure, and a deteriorating financing environment. Some companies have begun selling Bitcoin, repaying debts, and even pivoting towards Artificial Intelligence (AI) data center operations.
Strategy pioneered the "Digital Asset Treasury (DAT)" model, continuously purchasing Bitcoin through financing and borrowing, prompting a wave of listed companies to follow suit. However, as the BTC price fell approximately 50% from its peak of around $126,000 in October 2025, the stock prices of related companies also shrank significantly, forcing them to reassess their BTC accumulation strategies.
This week, shareholders of London-listed Satsuma Technology approved the liquidation of all 668 BTC, the return of capital, and the advancement of delisting plans. Another London-listed company, The Smarter Web Company, sold 178 BTC to repay convertible debt.
Additionally, Sequans Communications sold 1025 BTC and further divested nearly 80% of its remaining holdings to repay convertible bonds. The company stated it will not continue purchasing Bitcoin in the future and plans to sell the remaining approximately 658 BTC.
Nakamoto's stock price has fallen approximately 99% since its SPAC listing in May 2025. It recently sold about 284 BTC, raising approximately $20 million for operating capital. Of its remaining approximately 5,342 BTC, nearly 70% has been used to collateralize a Kraken loan, with market analysts considering it a potential risk event.
Concurrently, Bitcoin mining companies have also begun adjusting their strategies. Firms like Bitdeer Technologies and MARA Holdings are selling portions of their BTC to repurchase shares, repay debt, and redirect energy resources and computing power infrastructure towards AI data center operations.
Other companies selling BTC include Empery Digital. Data shows that Strategy recently sold approximately 3,620 BTC and authorized further asset sales to maintain its US dollar reserves.
However, Strategy remains the world's largest corporate holder of Bitcoin, with holdings exceeding 840,000 BTC. Company CEO Michael Saylor stated that while the company might sell some Bitcoin in the future to pay dividends, this does not signify an exit from Bitcoin investment.
Beyond asset adjustments, management and capital operations at some Bitcoin treasury companies have also seen changes. Jack Mallers has stepped down as CEO; Adam Back's Bitcoin Standard Treasury Company (BSTR) also failed to complete a proposed merger due to the deteriorating market environment.
Analysts believe that with rising financing costs and increased BTC price volatility, the "borrow to buy coins" treasury model is undergoing a significant reshuffle. Some companies are pivoting from simply hoarding Bitcoin towards AI infrastructure and business transformations that offer stronger cash flow capabilities. (CoinDesk)
