Svmuu News: With the sharp correction in the price of Bitcoin, publicly traded companies that had heavily stockpiled BTC are now facing multiple challenges, including falling stock prices, debt pressures, and a deteriorating financing environment. Some companies have begun selling Bitcoin to repay debts or are even shifting their focus to artificial intelligence (AI) data center operations.
Strategy was the first to introduce the “Digital Asset Treasury (DAT)” model, using financing and borrowing to continuously purchase Bitcoin, prompting a number of publicly traded companies to follow suit.However, as the price of BTC has retreated from the high of approximately $126,000 reached in October 2025—a cumulative decline of about 50%—the stock prices of these companies have also plummeted, forcing them to reassess their Bitcoin hoarding strategies.
This week, shareholders of the London-listed company Satsuma Technology approved the liquidation of all 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 will sell 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.
Since its SPAC listing in May 2025, Nakamoto’s stock price has fallen by approximately 99% in total. The company recently sold about 284 BTC, raising approximately $20 million for working capital.Of the company’s remaining approximately 5,342 BTC, nearly 70% has been used as collateral for Kraken loans, leading market observers to believe it faces potential risk events.
Meanwhile, Bitcoins mining firms have also begun adjusting their strategies. Companies such as Bitdeer Technologies and MARA Holdings are selling portions of their BTC holdings to repurchase shares, repay debt, and redirect energy resources and computing power infrastructure toward AI data center operations.
Other companies selling BTC include Empery Digital and others. Data shows that Strategy has 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 a position exceeding 840,000 BTC. The company’s CEO, Michael Saylor, stated that it may sell a portion of its Bitcoin holdings in the future to pay dividends, but this does not mean the company is exiting its investment in Bitcoin.
In addition to asset adjustments, changes have also occurred in the management and capital operations of some Bitcoin treasury companies. Jack Mallers has stepped down as CEO; Adam Back’s Bitcoin Standard Treasury Company (BSTR) also failed to complete its proposed merger due to deteriorating market conditions.
Analysts believe that as financing costs rise and BTC price volatility intensifies, the “borrow to buy” treasury model is undergoing a shakeup, with some companies shifting from simply hoarding Bitcoin to AI infrastructure and business transformations that generate stronger cash flow. (CoinDesk)