Bitcoin Treasury Boom Starts to Reverse as Companies and Governments Sell

The wave of bitcoin buying over the past two years is beginning to turn, with a growing number of corporate and sovereign holders cutting exposure—an unwelcome signal for sentiment as prices remain under pressure. Public companies that once marketed themselves as long-term holders are increasingly selling bitcoin as extended weakness strains balance sheets and prompts strategy resets. Empery Digital (EMPD) said Wednesday it sold 370 BTC at an average price of $66,632, raising $24.7 million and reducing its holdings to 2,989 BTC. Part of the proceeds was used to fully repay an outstanding term loan, and the company also freed about 1,800 BTC previously posted as collateral. Empery began building its bitcoin treasury in July 2025 and at its peak held about 4,000 BTC. The stock is down 75% from its 2025 all-time high of $15.80. Genius Group (GNS), an AI-powered, bitcoin-focused education company that held as many as 440 BTC in March last year, has exited entirely. It recently liquidated its final 84 BTC to repay $8.5 million of debt, and said it plans to restart accumulation when it sees more favorable market conditions. Selling is also showing up among larger players. Riot Platforms (RIOT), one of the biggest U.S.-listed bitcoin miners, has been moving coins to market, according to blockchain data tracked by Lookonchain. The company reportedly transferred 500 BTC for roughly $34.13 million on Wednesday as it draws on its bitcoin treasury to help fund its push into AI and high-performance computing—an increasingly common pivot across the mining sector. Riot sold about $200 million worth of bitcoin in the final two months of 2025. Built primarily through ongoing mining rather than a single treasury start date, Riot's holdings peaked above 19,000 BTC and now stand at roughly 17,500 BTC. On the sovereign side, Bhutan has continued to pare back its position, selling a total of 3,103 BTC. One transaction on March 30 alone is reported to have liquidated 375 BTC, according to Glassnode data. Bhutan accumulated bitcoin over several years via state-backed mining, reaching a peak of more than 13,000 BTC in October 2024. Despite the recent round of liquidations, corporate treasuries still represent a sizable pool of holdings. Public bitcoin treasury companies collectively hold about 1,164,800 BTC, according to BitcoinTreasuries.net—more than 5% of bitcoin's 21 million total supply. Bitcoin last traded around $66,500, down more than 2% since midnight UTC, according to CoinDesk data. Read more: MARA Holdings higher by 10% after selling $1.1 billion in bitcoin to fund debt buyback