Two publicly listed Bitcoin treasury companies, Empery Digital and Genius Group, have sold portions or all of their BTC holdings to repay outstanding debt, joining an increasing list of companies that are retreating from the corporate accumulation model, outside of Strategy. All fingers point to the current market realities of BTC, as most of these firms accumulated the cryptocurrency when it was trading above $100,000. However, BTC now trades below $70,000, and it has left the balance sheets of these treasuries severely strained. According to BitcoinTreasuries.net , nine public companies have reduced their Bitcoin holdings in March alone. The reported net sector growth has shrunk to 25,000 BTC after sales were factored in, and the share of new purchases from all treasury companies outside of Strategy has collapsed to 2% of monthly volume, down from 95% in October 2025. Who is selling, and what is driving the disposals? Empery Digital stated that it had fully repaid its outstanding term loan using proceeds from a recent registered direct offering and the sale of a portion of its bitcoin holdings. The company sold 370 BTC at an average price of $66,632 per coin, generating about $24.7 million in gross proceeds. The repayment released around 1,800 Bitcoins that were previously pledged as collateral. Empery Digital now holds 2,989 BTC in its treasury, with Ryan Lane, the company’s co-CEO, stating that “this transaction enhances our financial position and ability to manage risk in an environment of heightened bitcoin volatility.” In early March, Empery Digital sold 102 BTC to fund shareholder buybacks as it faced heat from its boardroom, with some shareholders, ATG Capital, and Tice P. Brown to be specific, sharing notices of their intention to nominate directors to the company’s board. Unlike Empery Digital, Genius Group sold its entire remaining Bitcoin treasury and used the proceeds to repay $8.5 million in debt in full. The company management said it would resume Bitcoin accumulation when market conditions are more favorable. In MARA Holdings’ case, the Bitcoin miner liquidated 15,133 BTC for approximately $1.1 billion in March, and this was about a quarter of its holdings. How did the corporate Bitcoin model unravel so quickly? Around mid-2025, a wave of companies, both big and small, ranging from education and healthcare firms to miners and blank-check vehicles, adopted Bitcoin treasury strategies modeled on Strategy’s template, thanks to BTC’s boom. Most of these companies issued equity at a premium to net asset value (NAV), then used the proceeds to buy Bitcoin, with the aim of allowing the NAV premium to fund further accumulation in a self-reinforcing loop. Galaxy Digital warned in a July 2025 report that the model was structurally fragile, a liquidity derivative that functioned only while equities traded above their underlying Bitcoin holdings, and unfortunately, the worst is already happening, and the companies are letting go of their BTC. Bitcoin’s decline from above $110,000 to below $70,000 has left many of these firms underwater on their positions. Firms that funded accumulation with conventional debt, that is, term loans, convertible notes, and credit facilities, are now caught between an asset trading well below their cost basis and creditors whose claims do not compress with the Bitcoin price. CNBC reported that corporate Bitcoin buying outside Strategy has registered its weakest monthly figures on record. Which firms are still buying? Strategy still continues to lead the frontline, buying up to 44,377 BTC in March, and this is 94% of all monthly additions across the sector. These acquisitions were funded mainly through at-the-market sales of its STRC perpetual preferred shares and common stock. The company’s total holdings now stand at around 762,099 BTC, acquired for roughly $57.7 billion, and it holds a cash reserve of approximately $2.25 billion. Strategy’s latest weekly purchase of 1,031 BTC for $76.6 million suggested a moderation in pace after two consecutive billion-dollar weeks. Japan’s Metaplanet raised 40.8 billion yen ($255 million) from global institutional investors in March through a share placement pairing new equity with fixed-strike warrants. This structure is said to have the potential to provide up to $531 million in total capital for more Bitcoin purchases. The company holds 35,102 BTC and is targeting a treasury of 210,000 BTC. American Bitcoin Corp (ABTC) added 961 BTC across three purchases in March and now holds 7,000 BTC, climbing to sixteenth place among corporate holders. The crypto card with no spending limits. Get 3% cashback and instant mobile payments. Claim your Ether.fi card.
