A wave of bitcoin sales to public and private companies is adding pressure to the bitcoin market, as firms that once called themselves long-term owners are sitting on long-term losses and moving to shore up balance sheets, pay off debt, and fund key pivots.
Companies including Riot Platforms, Genius Group, and Nakamoto Holdings have all reduced their bitcoin holdings this week, citing liquidity needs and operational priorities.
This change marks a major shift from the hoarding trend described two years ago, when firms rushed to build BTC assets during rising prices.
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Empery Digital (EMPD) said it sold 370 BTC at an estimated price of $66,632, making $24.7 million in revenue. The company used part of the funds to repay its loan and released about 1,800 BTC that was held as collateral.
After the sale, Empery holds 2,989 BTC, from a high of about 4,000 BTC created after it started accumulating in July 2025. Its shares have fallen by 75% from the 2025 high of $15.80.
Genius Group (GNS), an AI-focused education company that once held around 440 BTC, has exited its BTC position. The company sold its remaining 84 BTC to repay $8.5 million in debt, completing a series of reductions that began earlier this year.
The company said it may rebuild its bitcoin portfolio when market conditions improve.
Riot Platforms (RIOT), one of the largest publicly traded bitcoin miners in the US, has also been selling. Blockchain data tracked by Lookonchain shows that the company moved 500 BTC, worth about $34 million, to an address linked to the exchange, suggesting a sale. This move took place on April 1.
The transaction follows nearly $200 million in bitcoin sales in the final months of 2025, as Riot shifts capital toward artificial intelligence and high-performance computing infrastructure.
Some firms are just trying to achieve their goals. Nakamoto Holdings (NAKA) sold 284 BTC for about $20 million in March, representing about 5% of its holdings.
The company said the proceeds will support working capital and operations following acquisitions that align with its bitcoin-focused strategy. Nakamoto reported a pre-tax loss of $52.2 million in 2025, driven in part by the decline in the value of its digital assets.
Marathon Digital (MARA) has taken one of the biggest steps. The miner sold 15,133 BTC between March 4 and March 25 for about $1.1 billion. It used the proceeds to repurchase $1 billion in convertible notes due 2030 and 2031, reducing outstanding debt by about 30%. The move reduced its holdings to 38,689 BTC from 53,822 BTC at the beginning of the year.
The trend extends beyond corporate wealth. Bhutan continued to reduce its BTC reserves, selling a total of 3,103 BTC. A single transaction on March 30 accounted for 375 BTC, according to Glassnode data.
The country had built its position with government-backed mining operations, reaching more than 13,000 BTC at its peak in October 2024.
Despite the recent sell-off, public companies still hold about 1.16 million BTC, or more than 5% of bitcoin’s fixed supply of 21 million, according to BitcoinTreasuries.net.
Bitcoin traded near $66,000 at the time of writing, down about 3% on the day.
Bitcoin Magazine is published by BTC Inc, a subsidiary of Nakamoto Inc. (NASDAQ: NAKA)
