Other fiscal exits include Sequans Communications (SQNS), which sold 1,025 BTC before divesting nearly 80% of its remaining holdings to repay convertible debt. It has ruled out further purchases and plans to monetize its remaining 658 BTC.
Nakamoto ( NAKA ), whose shares have fallen 99% since the May 2025 SPAC deal, sold about 284 BTC to raise $20 million in working capital following its acquisition of BTC Inc. and UTXO Management. It sold about 40 BTC received through its derivatives program, according to VanEck’s Sigel. Almost 70% of its remaining 5,342 BTC was pledged against a Kraken loan due in December, creating what Sigel described as a potential binary event.
It is not only specialized treasury companies that are reducing their holdings of the largest cryptocurrency. Crypto miners including Bitdeer and MARA Holdings are selling bitcoin to buy back or repay debt and reuse their energy supply contracts and computing resources to run AI data centers.
Other sellers include Empery Digital, which has reportedly sold nearly half of its bitcoin to fund buybacks and debt repayments, and Strategy, which has sold about 3,620 BTC in recent weeks and approved additional sales to support its US dollar reserves.
The strategy that started the investment trend remains the largest listed holder of bitcoin with more than 840,000 BTC. CEO Michael Sayler remains optimistic.
