Among those that abandoned the cash flow approach was Sequans Communications (SQNS), which sold 1,025 BTC before divesting almost 80% of its remaining holdings to pay off convertible debt. He has ruled out further purchases and plans to monetize his remaining 658 BTC.
Nakamoto (NAKA), whose shares have fallen 99% since its May 2025 SPAC deal, sold approximately 284 BTC to raise $20 million in working capital following its acquisitions of BTC Inc. and UTXO Management. According to VanEck’s Sigel, he sold approximately 40 BTC received through his derivatives program. Nearly 70% of his remaining 5,342 BTC were pledged against a Kraken loan maturing in December, creating what Sigel described as a potential binary event.
Specialized treasury companies are not the only ones reducing their holdings in the largest cryptocurrency. Crypto miners, including Bitdeer and MARA Holdings, sell bitcoin to repurchase or repay debts and reuse their energy supply contracts and computing resources to power AI data centers.
Other sellers include Empery Digital, which reportedly sold nearly half of its bitcoins to fund buybacks and debt repayments, and Strategy, which sold about 3,620 BTC in recent weeks and authorized additional sales to support its U.S. dollar reserves.
Strategy, which started the investment trend, remains the largest publicly traded Bitcoin holder, with over 840,000 BTC. CEO Michael Sayler remains optimistic.
