Corporate Bitcoin Sell-Off: Who Could Be Next?

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The Bitcoin treasury strategy is no longer moving in only one direction. Who's the next to pivot?

For much of the past two years, publicly listed companies competed to raise capital to buy BTC and presented themselves as leveraged alternatives to holding the asset directly.

The model worked quite promisingly for a while, and their shares traded comfortably above the value of the BTC on their balance sheets. Some experienced massive growth within months. However, Scorpions’ immortal song has come to life – there’s a wind of change.

Who Is Selling?
Although we have talked extensively about Strategy’s change of attitude over the past several months, the company remains the largest corporate holder and the pioneer of the entire move, so we can’t skip it. It began accumulating BTC roughly six years ago. It increased the rate and size of its purchases after the US presidential elections in late 2024. The market became accustomed to hearing new multi-million- (and sometimes billion-) dollar accumulations every Monday.

However, it all changed with a tiny sale in Q2 and a significantly larger one in early July of over 3,500 units. The company has made no new acquisitions for weeks now, while focusing on rebuilding its USD reserve. On the plus side, it didn’t sell in the past couple of weeks either. Nevertheless, analysts are adamant that the first sale changed everything, even though it’s apparent (for now) that Strategy has not abandoned Bitcoin.

Satsuma Technologies, though, did. The UK-listed BTC treasury company proposed selling all of its remaining BTC, returning most of the proceeds to shareholders, delisting from the London Stock Exchange, and effectively dismantling the treasury vehicle. The firm had already sold 579 BTC in December last year to raise approximately $50 million to address convertible loan obligations. Now, shareholders have approved plans to dispose of the remaining 668 BTC.

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