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Odaily News As Bitcoin prices have experienced a significant correction, publicly listed companies that had accumulated large BTC holdings are facing multiple challenges, including falling stock prices, debt pressures, and a deteriorating financing environment. Some of these companies are now starting to sell Bitcoin, repay debts, and even pivot towards artificial intelligence (AI) data center operations.Strategy pioneered the "Digital Asset Treasury (DAT)" model, continuously purchasing Bitcoin through financing and borrowing, inspiring a wave of other listed companies to follow suit. However, as the BTC price has fallen approximately 50% from its peak of around $126,000 in October 2025, the stock prices of related companies have also shrunk significantly, forcing them to reassess their BTC accumulation strategies.This week, shareholders of London-listed company Satsuma Technology approved the liquidation of all 668 BTC, returning capital to shareholders, while proceeding with delisting. Another London-listed company, The Smarter Web Company, sold 178 BTC to repay its convertible debt.Additionally, Sequans Communications has sold 1,025 BTC and further sold nearly 80% of its remaining holdings to repay convertible bonds. The company stated it will not continue purchasing Bitcoin in the future and plans to sell the remaining approximately 658 BTC.Nakamoto's stock price has fallen approximately 99% since its SPAC listing in May 2025. The company recently sold about 284 BTC, raising approximately $20 million for working capital. Of its remaining approximately 5,342 BTC, nearly 70% has been pledged as collateral for loans from Kraken, which market observers believe poses a potential risk event.Meanwhile, Bitcoin mining companies are also adjusting their strategies. Companies like Bitdeer Technologies and MARA Holdings are selling portions of their BTC to repurchase shares, repay debts, and redirect energy resources and computing infrastructure towards AI data center operations.Other companies selling BTC include Empery Digital. Data shows that Strategy has recently sold approximately 3,620 BTC and has authorized further asset sales to maintain its U.S. dollar reserves.However, Strategy remains the world's largest corporate holder of Bitcoin, with holdings exceeding 840,000 BTC. The company's CEO, Michael Saylor, stated that while it may sell some Bitcoin in the future to pay dividends, this does not mean the company is exiting its Bitcoin investment.Beyond asset adjustments, management and capital operations at some Bitcoin treasury companies are also changing. Jack Mallers has stepped down as CEO; and Bitcoin Standard Treasury Company (BSTR), affiliated with Adam Back, failed to complete a proposed merger due to the deteriorating market environment.Analysts believe that with rising financing costs and increased BTC price volatility, the "borrowing to buy Bitcoin" treasury model is undergoing a reshuffle. Some companies are shifting from simply hoard
Odaily Odaily French semiconductor company Sequans Communications stated on Thursday that it has completed the redemption of all debt related to its Bitcoin treasury, marking its official exit from the previous crypto asset treasury strategy and a refocus on the Internet of Things (IoT) and cellular semiconductor business. The company stated that this debt repayment was mainly completed by selling approximately 80% of its Bitcoin holdings. Sequans currently holds only 658 BTC, which are now “completely unencumbered.” The company said it will gradually “monetize” the remaining Bitcoin in the future, but did not specify whether it will continue selling or use on-chain methods such as collateralization.Sequans CEO Georges Karam stated that this debt cleanup “marks an important turning point,” with the company having strengthened its balance sheet, simplified its capital structure, and will now fully concentrate on the 4G/5G IoT chip business, including applications such as smart metering, asset tracking, connected vehicles, and industrial IoT.In retrospect, Sequans initiated its Bitcoin treasury strategy in June 2025, planning to substantially increase its BTC holdings. However, it gradually reduced its position amid market fluctuations, ultimately exiting the strategy entirely during the current cycle. Although the company's stock price saw a slight increase on the day, it has cumulatively fallen by over 90% from its peak during the Bitcoin boom. (The Block)