Bitcoin Treasury Companies Shift Strategy in Unison: Selling BTC, Repaying Debt, and Betting on AI, Stock Plunge Forces Strategic Adjustments

Odaily Planet Daily News As the price of Bitcoin undergoes a significant correction, publicly listed companies that had aggressively accumulated BTC are facing multiple challenges such as falling stock prices, debt pressures, and a deteriorating financing environment. Some companies are beginning to sell Bitcoin, repay debts, and even pivot towards Artificial Intelligence (AI) data center operations.

Strategy pioneered the "Digital Asset Treasury (DAT)" model, continuously purchasing Bitcoin through financing and borrowing, prompting a number of listed companies to follow suit. However, as the BTC price has retreated from its high of approximately $126,000 recorded in October 2025, with a cumulative decline of about 50%, the stock prices of related companies have also shrunk significantly, forcing them to reassess their Bitcoin accumulation strategies.

This week, shareholders of London-listed Satsuma Technology approved the liquidation of all 668 BTC to return capital, while simultaneously advancing its delisting process. Another London-listed company, The Smarter Web Company, sold 178 BTC to repay convertible debt.

Furthermore, Sequans Communications has sold 1,025 BTC and has further sold 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 its remaining approximately 658 BTC.

Nakamoto's stock price has fallen approximately 99% since its SPAC listing in May 2025. Recently, it sold about 284 BTC, raising roughly $20 million for operational funds. Of its remaining approximately 5,342 BTC, nearly 70% has been used as collateral for Kraken loans, leading market observers to view this as a potential risk event.

Meanwhile, Bitcoin mining companies are also adjusting their strategies. Companies like Bitdeer Technologies and MARA Holdings are selling portions of their BTC to repurchase stock, repay debts, and redirect energy resources and computing infrastructure towards AI data center operations.

Other companies selling BTC include Empery Digital. Data shows that Strategy has recently sold approximately 3,620 BTC and has authorized further asset sales to maintain its US dollar reserves.

However, Strategy remains the world's largest publicly held corporate Bitcoin owner, holding over 840,000 BTC. Company CEO Michael Saylor stated that future sales of some Bitcoin might be used to pay dividends, but this does not signify the company is exiting its Bitcoin investment thesis.

Beyond asset adjustments, management and capital operations at some Bitcoin treasury companies have also seen changes. Jack Mallers has stepped down as CEO; the proposed merger for Adam Back's Bitcoin Standard Treasury Company (BSTR) also failed to materialize due to the deteriorating market environment.

Analysts believe that with rising financing costs and increased BTC price volatility, the "borrow-to-buy Bitcoin" treasury model is undergoing a reshuffle. Some companies are shifting from simply hoarding Bitcoin towards AI infrastructure and business transformations that offer stronger cash flow generation capabilities. (CoinDesk)