Bitcoin treasuries are under pressure as falling prices and prolonged consolidation push both public companies and governments to sell holdings and bolster balance sheets.
Sovereign selling is intensifying, with Bhutan continuing to offload bitcoin accumulated over years of state-backed mining. Meanwhile, firms and investors who entered the market aggressively in the past two years are increasingly heading for the exits, signaling caution for the broader market.
Public companies, once viewed as long-term holders, are liquidating as sustained price weakness weighs on their financials and strategic plans.
Empery Digital (EMPD) is a prime example. The company sold 370 BTC at an average price of $66,632 on Wednesday, generating $24.7 million, and now retains 2,989 BTC. Part of the proceeds repaid a term loan, and roughly 1,800 BTC previously held as collateral was released. Empery began building its treasury in July 2025, peaking at around 4,000 BTC, but its shares have fallen 75% from their 2025 high of $15.80.
Genius Group (GNS), an AI-focused education company, has fully exited its bitcoin holdings. The firm, which held up to 440 BTC, recently sold its remaining 84 BTC to repay $8.5 million in debt. It plans to rebuild its treasury when market conditions improve.
The trend also affects larger players. Riot Platforms (RIOT), one of the largest U.S.-listed bitcoin miners, reportedly sold 500 BTC worth $34.13 million on Wednesday to fund its pivot into AI and high-performance computing. Riot sold about $200 million in bitcoin in the final two months of 2025. Unlike treasury adopters, Riot accumulates bitcoin through mining, peaking at over 19,000 BTC, and currently holds roughly 17,500 BTC.
On the sovereign side, Bhutan has sold a total of 3,103 BTC, including 375 BTC on March 30, according to Glassnode. Its holdings had peaked at over 13,000 BTC in October 2024.
Despite the sell-off, public bitcoin treasury companies collectively still hold around 1,164,800 BTC—over 5% of the total 21 million supply, according to BitcoinTreasuries.net.
At the time of writing, bitcoin was trading near $66,500, down more than 2% over the past 24 hours, according to CoinDesk data.
