Those who rushed to Bitcoin over the past two years are now heading towards the exit and that’s not a good sign for the market.
Public companies, once considered long-term holders, are increasingly selling Bitcoin as prolonged price weakness strains 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 company used part of the proceeds to fully repay its outstanding term loan and also released approximately 1,800 BTC that was previously held as collateral.
Empery Digital began building its Bitcoin treasury in July 2025 and has accumulated a peak position of around 4,000 BTC. The company’s shares are down 75% from their 2025 all-time high of $15.80.
Genius Group (GNS), an AI-based education company focused on Bitcoin, which held as much as 440 BTC in March last year, has completely sold its reserves. Recently, he liquidated his last 84 BTC to pay off $8.5 million in debt. The company said it would resume building its Bitcoin treasury when it believes market conditions are more favorable.
This trend is not limited to mid-sized players. Riot Platforms (RIOT), one of the largest publicly traded Bitcoin mining companies in the United States, has also reportedly sold, according to blockchain data tracked by Lookonchain.
The company reportedly transferred 500 BTC for around $34.13 million on Wednesday as it continues to tap its Bitcoin treasury to fund its pivot to AI and high-performance computing, an increasingly prevalent strategy in the mining industry.
Riot sold approximately $200 million worth of bitcoin in the last two months of 2025. Riot Platforms continually accumulated bitcoin through its mining operations, rather than adopting a single start date for a cash flow strategy, and reached a peak holding of over 19,000 BTC. The company now holds around 17,500 BTC.
Meanwhile, the Bhutan government continues to reduce its bitcoin holdings, having sold a total of 3,103 BTC. According to Glassnode data, a single transaction made on March 30 alone would have liquidated 375 BTC, further reducing its position. The government of Bhutan has built up 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 selloff trend is certainly disappointing for the bulls, all is not lost yet.
Public Bitcoin treasury companies still hold around 1,164,800 BTC, according to BitcoinTreasuries.net. This represents more than 5% of the total supply of 21 million BTC.
At the time of writing, bitcoin changed hands at $66,500, down more than 2% since midnight UTC, according to CoinDesk data.
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