Corporate Bitcoin Treasuries Turn Sellers: What Historic Shift Means

Corporate Bitcoin Treasuries Face First Sustained Selling Pressure

For the first time since public companies began accumulating Bitcoin on their balance sheets, corporate treasury holders have posted three consecutive weeks of net selling—a watershed moment that could signal a strategic shift in how businesses approach Bitcoin reserves. While the largest holders remain steadfast, a growing cohort of smaller firms is liquidating positions amid deteriorating mining economics, capital allocation pressures, and mounting macro uncertainty. The question now is whether this represents tactical repositioning or the beginning of broader treasury capitulation.

The timing is particularly significant as Bitcoin trades near $66,000 following a sharp weekend selloff that marked six consecutive negative weekly closes and persistent weakness below key technical levels ^[2]. With spot Bitcoin ETFs simultaneously posting five straight weeks of outflows totaling $2.6 billion year-to-date ^[1], the corporate selling adds another layer of supply pressure to an already fragile demand environment.

The Facts

Corporate Bitcoin treasury companies recorded three consecutive weeks of selling for the first time in their brief history, according to Capriole Investments' Bitcoin Treasuries indicator ^[1]. While the top 20 largest corporate holders have not reported recent sales, several mid-tier and smaller companies have been actively reducing their BTC positions.

China-based Cango Inc., the 27th largest holder, slashed its Bitcoin holdings by more than 54% over two weeks—from 8,095 BTC on February 8 to just 3,644 BTC worth $246 million as of the reporting date ^[1]. US-based Exodus Movement, ranked 41st among public holders, trimmed its corporate treasury from 1,704 BTC on February 11 to 1,694 BTC valued at $114 million ^[1]. Singapore-based Genius Group cut its holdings even more dramatically, from 180 BTC on February 5 to 84 BTC worth $5.6 million ^[1].

The most striking liquidation came from Bitcoin mining company Bitdeer Technologies, which completely eliminated its corporate Bitcoin treasury. The Singapore-based miner sold its remaining 943.1 BTC in reserves during the week ending February 20, bringing its balance sheet holdings to zero after holding roughly 2,000 BTC at 2025 year-end ^[2]. The company also sold all 189.8 BTC it produced during that period, completing an eight-week drawdown.

Bitdeer framed the decision as a strategic liquidity measure rather than a bearish signal, stating: "Our decision to sell Bitcoin should not be a concern for the broader market" ^[2]. The company cited the need to evaluate powered land acquisition opportunities and scale infrastructure, having recently raised $325 million through convertible notes and $43.5 million via equity placement to fund data center buildouts, ASIC development, and expansion into high-performance computing and AI cloud services ^[2].

The corporate selling coincides with deteriorating mining economics. Bitcoin network difficulty recently jumped 14.7% while hashprice fell below $30 per petahash per second per day ^[2]. Bitdeer's gross margin declined to 4.7% in Q4 from 7.4% year-over-year, reflecting mounting operational pressure following the halving and rising competition ^[2]. Meanwhile, macro headwinds intensified after President Trump raised the global tariff rate from 10% to 15%, creating what analyst Linh Tran of XS.com described as a "policy uncertainty environment" that "often triggers a short-term risk-off state, as investors prioritize cash and bonds over high-volatility assets" ^[1].

Analysis & Context

This corporate selling streak represents a critical test of the Bitcoin treasury thesis that has underpinned much of the institutional adoption narrative since MicroStrategy pioneered the strategy in 2020. The divergence between steadfast large holders like Strategy (over 717,000 BTC), MARA Holdings (approximately 53,250 BTC), and Riot Platforms (around 18,000 BTC) versus aggressive selling by smaller players reveals a bifurcation in corporate conviction ^[2].

The pressure appears most acute among Bitcoin miners facing a perfect storm of post-halving supply reduction, surging network difficulty, and compressed margins. Bitdeer's complete liquidation is particularly instructive—the company is essentially admitting that holding Bitcoin on the balance sheet offers lower returns than deploying that capital into AI and HPC infrastructure with contracted revenue streams. This reflects a broader sector trend toward revenue diversification away from pure Bitcoin price exposure.

Historically, periods when corporate and institutional holders liquidate have preceded either capitulation lows or extended consolidation phases. However, the current situation differs from past cycles in one crucial respect: the largest treasury holders command such dominant positions that their continued accumulation or holding can offset considerable selling pressure from smaller players. Strategy alone holds more Bitcoin than the next 20 corporate treasuries combined, creating a concentration dynamic that didn't exist in previous market cycles.

Nic Puckrin of Coin Bureau warned that "as contagion increases, we could see further corporate selling in the weeks to come, pushing the price of Bitcoin toward its bear market low" ^[1]. Yet he also noted that a deeper drawdown could prove constructive long-term by clearing leveraged positioning and resetting market structure. The key variable is whether companies like Cango—which sold over half its holdings in just two weeks—are facing genuine liquidity crises that could cascade, or simply opportunistically rotating capital during a period of price weakness.

The confluence of corporate selling, persistent ETF outflows, and macro uncertainty creates a demand vacuum that could extend Bitcoin's current consolidation. However, the concentration of holdings among committed large players suggests a floor may exist well above previous bear market lows. The coming weeks will reveal whether this selling represents healthy deleveraging or the beginning of broader treasury capitulation.

Key Takeaways

• Corporate Bitcoin treasuries posted their first-ever three-week selling streak, with mid-tier holders like Cango reducing positions by over 50% while top holders remain steady, revealing a widening conviction gap.

• Bitcoin miners face acute pressure from compressed margins and surging difficulty, prompting strategic pivots away from BTC treasury holdings toward AI and HPC infrastructure with more predictable revenue streams.

• The combination of corporate selling, five consecutive weeks of spot ETF outflows totaling $2.6 billion, and tariff-driven macro uncertainty creates significant near-term demand headwinds for Bitcoin.

• Despite the selling pressure, extreme concentration among large holders like Strategy means that smaller players liquidating may have limited sustained price impact unless contagion spreads to major treasury companies.

• This moment represents a critical stress test of the corporate Bitcoin treasury thesis, with outcomes likely to shape institutional adoption strategies for years to come.