Many treasury companies, particularly Bitcoin DATs, have long looked up to Michael Saylor’s Strategy.
Between 2020 and 2025, Strategy popularized the ‘buy-and-hold’ model. During this period, more publicly traded companies embraced Bitcoin and other cryptocurrencies as treasury reserve assets.
Recent events, however, show that countless businesses are moving away. Either from accumulation at all costs or toward active treasury management.
Instead of only lowering exposure, many businesses have entered a “Full Liquidation” or “Complete Exit” phase, entirely giving up on their crypto treasury strategies.
To begin with, Vaultz Capital abandoned its Bitcoin treasury policy to reposition itself as a cash-backed acquisition platform. Additionally, Satsuma Technology voted to liquidate all 668 BTC, return capital to shareholders, and delist from the London Stock Exchange.
Not completely giving up on Bitcoin
For others, the exit was motivated by changing business priorities and liquidity needs.
For instance, Prenetics sold about 510 BTC before enacting a rule prohibiting the purchase of digital assets in the future.
Meanwhile, Bitdeer sold its whole Bitcoin [BTC] treasury to finance the expansion of its AI data center. Whereas Genius Group liquidated its holdings to pay off debt.
AEG, MAIA Biotechnology, and Alpha Compute also halted or reduced their digital asset plans. They cited working capital needs, crypto market volatility, and restructuring.
Then there is this other group of businesses that moved away from aggressive Bitcoin accumulation, but they haven’t completely given up on the asset.
MARA Holdings, for instance, signaled a more flexible approach to capital management by formally expanding its treasury policy to allow sales from its corporate reserves and selling more than 15,000 BTC to reduce debt.
Who else is selling Bitcoin?
Finally, for operational reasons, Cango sold Bitcoin to help with its AI transformation, and Smarter Web Company liquidated 178 BTC to pay off convertible debt. Meanwhile, Nakamoto Inc. sold Bitcoin to finance operations and acquisitions.
These shifts were accelerated in line with Strategy, recently selling more than 3,600 Bitcoin and starting a $1.25 billion Bitcoin Monetization Program. This change was also observed in Saylor’s statement, in which he stated,
I never said the company wouldn’t sell its Bitcoin.
What is happening in the retail space?
This occurred while the price of Bitcoin was at $65,413.05 at press time. Now, while there is a massive shift within the institutional space, retail investors are also encountering challenges.
Bitcoin’s NUPL, which once soared into the euphoria zone when the market peaked in 2020 and 2021, has now shrunk hard.
The graph suggests that by 2026, NUPL had decreased to about 0.15, suggesting that profits had shrunk and that market sentiment had grown more cautious—though not yet pessimistic.
This was further confirmed by a recent analysis by AMBCrypto, which stated that the bear cycle may be nearing its end sooner than most people think.
Final Summary
- Once known for buying and holding, institutions are giving up on Bitcoin as a hedge against inflation.
- Strategy that has long been an inspiration to hold is now acting as a playbook to sell.