Bitcoin Treasury Companies Shift Strategy: Selling BTC, Repaying Debt, and Betting on AI as Stock Plummet Forces Strategic Pivot

Odaily News As Bitcoin prices experience a significant correction, publicly listed companies that had aggressively accumulated BTC are now facing multiple challenges, including falling stock prices, debt pressure, and a deteriorating financing environment. Some of these 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 other listed companies to follow suit. However, as BTC prices have retreated approximately 50% from the high of around $126,000 recorded in October 2025, the stock prices of these related companies have also shrunk significantly, forcing them to reassess their BTC accumulation strategies.

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

Additionally, Sequans Communications has sold 1,025 BTC and further disposed of 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 roughly 284 BTC, raising about $20 million for working capital. Of its remaining approximately 5,342 BTC, nearly 70% has been used as collateral for Kraken loans, with market observers viewing this as a potential risk event.

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

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

However, Strategy remains the world's largest publicly traded holder of Bitcoin, with positions exceeding 840,000 BTC. Company CEO Michael Saylor stated that future sales of some Bitcoin might be used to pay dividends, but this does not mean the company is exiting its 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; 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-BTC" 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)