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Bitcoin treasuries unwind as price slump hits public holders
Several digital asset treasury firms have sold bitcoin to repay debt and fund operations, including liquidation of 668 BTC by Satsuma Technology.
A wave of restructuring is spreading across publicly listed digital asset treasury companies as bitcoin’s sharp drawdown forces some former accumulators to sell holdings, repay debt, and shift operations, according to CoinDesk.
CoinDesk reports that Strategy, and other firms that followed its digital asset treasury model, saw share prices tumble after bitcoin slumped about 50% from its climb toward a prior peak in October 2025, leaving many with cash and leverage pressures they now want to address.
Satsuma Technology said its shareholders approved the liquidation of all 668 BTC, along with the return of capital and a delisting from the London Stock Exchange. Smarter Web Company sold 178 BTC to repay a convertible instrument, while Sequans Communications sold 1,025 BTC and then disposed of nearly 80% of remaining holdings to repay convertible debt, saying it plans no further purchases and intends to monetize what is left.
CoinDesk adds that Nakamoto sold around 284 BTC to raise $20 million for working capital after prior acquisitions, and that VanEck’s Matthew Sigel said multiple companies have either exited crypto entirely or reduced holdings substantially amid the disruption in the treasury sector.
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