The bitcoin treasury boom is unwinding as some companies and governments sell holdings

Those who rushed into bitcoin over the past two years are now heading for the exits and it’s not a great sign for the market.

Public companies, once seen as long-term holders, are increasingly selling bitcoin as prolonged price weakness weighs on balance sheets and strategic plans.

Take Empery Digital (EMPD), which announced on Wednesday that it sold 370 $BTC at an average price of $66,632, generating $24.7 million, leaving the company with 2,989 $BTC. The firm used part of the proceeds to repay its outstanding term loan fully and also released approximately 1,800 $BTC that had previously been held as collateral.

Empery Digital began building its bitcoin treasury in July 2025 and accumulated a peak position of roughly 4,000 $BTC. The firm’s shares are down 75% from its 2025 all time high of $15.80.

Genius Group (GNS), an AI-powered, bitcoin-focused education company that held up to 440 $BTC in March last year, has completely sold off its stash. Recently, it liquidated its last remaining 84 $BTC to repay $8.5 million in debt. The company stated it will resume building its bitcoin treasury when it believes market conditions are more favorable.

This trend is not restricted to just mid-sized players. Riot Platforms (RIOT), one of the largest publicly traded bitcoin mining companies in the U.S., has also reportedly been selling, according to blockchain data tracked by Lookonchain.

The company supposedly moved 500 $BTC for roughly $34.13 million on Wednesday as it continues to tap its bitcoin treasury to fund its pivot into AI and high-performance computing, a strategy increasingly seen across the mining industry.

Riot sold approximately $200 million worth of bitcoin in the final two months of 2025. Riot Platforms has accumulated bitcoin continuously through its mining operations, rather than adopting a single start date for a treasury strategy, and reached peak holdings of over 19,000 $BTC. The company now holds roughly 17,500 $BTC.

Meanwhile, the Bhutan government continues to reduce its bitcoin holdings, having sold a total of 3,103 $BTC. A single transaction on March 30 alone is said to have liquidated 375 $BTC, further trimming its position, according to Glassnode data. Bhutan’s government built its bitcoin holdings over several years through state-backed mining operations, reaching a peak of over 13,000 $BTC in October 2024.

While the recent trend of liquidations is certainly disappointing for bulls, all is not lost yet.

Public bitcoin treasury companies still hold around 1,164,800 $BTC, according to BitcoinTreasuries.net. That’s over 5% of the total $BTC supply of 21 million.

As of writing, bitcoin changed hands at $66,500, down over 2% since midnight UTC, according to CoinDesk data.

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