The people who flooded into Bitcoin over the past two years are now headed for the exits, and this doesn’t bode well for the market.
Publicly traded companies that were once seen as long-term holders are increasingly selling Bitcoin as the prolonged period of price weakness weighs on balance sheets and strategic plans.
Take Empery Digital (EMPD), which announced Wednesday that it sold 370 units. $BTC The average price was $66,632, generating $24.7 million and leaving the company with a profit of $2,989. $BTC. The company used a portion of the proceeds to fully repay outstanding term loans and also released approximately 1,800 loans. $BTC It was previously held as collateral.
Empery Digital began building its Bitcoin treasury in July 2025 and accumulated approximately 4,000 positions at its peak $BTC. The company’s stock is down 75% from its all-time high of $15.80 in 2025.
Genius Group (GNS) is an AI-powered Bitcoin-focused education company that held up to 440 Bitcoins. $BTC In March of last year, he completely sold off his hidden assets. We recently liquidated the last remaining 84 shares. $BTC $8.5 million in debt needs to be repaid. The company said it will resume building Bitcoin vaults when it deems market conditions more favorable.
This trend isn’t just limited to mid-major players. Riot Platforms (RIOT), one of the largest publicly traded Bitcoin mining companies in the US, is also reportedly selling, according to blockchain data tracked by Lookonchain.
The company probably relocated 500 people. $BTC The company continues to use its Bitcoin vault to fund its pivot to AI and high-performance computing, a strategy increasingly seen across the mining industry.
Riot sold approximately $200 million worth of Bitcoin in the last two months of 2025. Rather than employing a single start date for its financial strategy, Riot Platforms continually accumulated Bitcoin through its mining operations, with its peak holdings exceeding 19,000 coins. $BTC. The company currently has approximately 17,500 employees. $BTC.
Meanwhile, the Bhutanese government continues to reduce its Bitcoin holdings, selling a total of 3,103 Bitcoins. $BTC. It is said that $375 was liquidated in just one transaction on March 30th. $BTCAccording to Glassnode data, further crop that position. The Bhutanese government has spent several years building up its Bitcoin holdings through state-sponsored mining operations, peaking at more than 13,000 bits. $BTC In October 2024.
While the recent liquidation trend is certainly disappointing for bulls, all is not lost yet.
Public Bitcoin Treasury Companies Still Hold Approximately 1,164,800 Bitcoins $BTCaccording to BitcoinTreasuries.net. Equivalent to more than 5% of the total $BTC 21 million supply.
At the time of writing, Bitcoin was trading at $66,500, down more than 2% since midnight UTC, according to data from CoinDesk.
read more: MARA Holdings rises 10% after selling $1.1 billion in Bitcoin to fund bond buybacks
