The corporate Bitcoin treasury model is hitting a rough patch. Strategy (formerly MicroStrategy), the largest corporate holder, sold over 3,500 BTC in early July 2025 and has paused new purchases to rebuild its USD reserves. The move follows a broader trend: Satsuma Technologies, a UK-listed Bitcoin treasury firm, sold 579 BTC in December 2024 and shareholders later approved selling its remaining 668 BTC, leading to a delisting from the London Stock Exchange. Meanwhile, Bitcoin miners unloaded a record 32,000 BTC in the first quarter of 2025, adding to the selling pressure.
Strategy pauses buying, sells BTC
Strategy's decision to sell and halt acquisitions marks a sharp reversal from its years-long accumulation spree. The company, which once held over 200,000 BTC, now faces the need to shore up its balance sheet. The sale of 3,500 BTC in early July 2025 was the first significant disposal in years. The firm hasn't said when it might resume buying, but the pause signals a shift in priorities.
Satsuma exits Bitcoin treasury entirely
Satsuma Technologies took the most drastic step. After selling 579 BTC in December 2024 to address convertible loan obligations, shareholders voted to liquidate the remaining 668 BTC. The company then delisted from the London Stock Exchange, effectively ending its experiment as a public Bitcoin treasury firm. It's a cautionary tale for smaller players carrying expensive debt.
Miners and smaller firms add to selling pressure
Bitcoin miners sold a record 32,000 BTC in the first quarter of 2025, flooding the market. Nakamoto Inc. sold about 5% of its Bitcoin position in March 2025 and another 600 BTC in June 2025. Smaller Bitcoin treasury companies trading below net asset value, carrying expensive debt, or facing shareholder pressure are most vulnerable to selling. The trend isn't limited to the biggest names.
Not all firms are selling: Metaplanet holds
Metaplanet, often called Asia's Strategy, halted Bitcoin purchases for months after a market crash. But it then bought 2,823 BTC in early July 2025 and has shown no signs of selling. The company's approach contrasts with the broader sell-off, suggesting the corporate Bitcoin model isn't dead — just evolving.
The era of constant accumulation has ended. Uncertainty now prevails. Jack Mallers resigned as CEO of Twenty One Capital to focus on Strike, hinting at a major restructuring of that Bitcoin treasury firm. With Strategy sitting on the sidelines and Satsuma gone, the question is which company will blink next. No one is predicting a total collapse, but the days of buy-and-hold-forever are clearly over.
