At least 20 public Bitcoin treasury companies have either liquidated, reduced or loosened their crypto accumulation strategies, according to VanEck research head Matthew Sigel in an X post on Thursday, July 23. As reported by VanEck, this represents a significant shift from the accumulation strategies that dominated the sector, with companies now using bitcoin holdings as a source of cash to address financial pressures. Prenetics, a consumer-health company, sold its entire 510 BTC position for about $41 million, while Sequans Communications, a French semiconductor company, has ended its Bitcoin treasury strategy by selling most of its BTC to repay convertible debt. MARA Holdings sold more than 15,000 BTC for roughly $1.1 billion in March, mainly to repurchase convertible notes, though this didn't amount to a full exit from the crypto space. Satsuma Technology shareholders approved the liquidation of approximately 668 BTC, worth around $43.5 million, with the company planning to return capital to investors and delist from the London Stock Exchange. The Smarter Web Company, another London-listed firm, sold 177 BTC to repay convertible debt, completing the sale at an average price of $65,762 about two weeks before the instrument's maturity. Nakamoto, whose shares have fallen 99% since its May 2025 SPAC deal, sold around 284 BTC to raise $20 million for working capital following acquisitions. 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.
The Digital Asset Treasury (DAT) model is facing significant challenges as digital asset treasury premiums shrink due to falling crypto prices and compressed treasury valuations. As reported by Bloomberg, the structure becomes harder to maintain when crypto prices fall or stocks trade near or below net asset value, making new share sales less attractive while debt costs remain. VanEck had already noted in January that several DATs faced net asset value discounts, increasing pressure for consolidation and new strategies. A Bloomberg-syndicated report quoted Renno & Co managing partner Toufic Adlouni as saying the "vast majority are trying to switch gears or are dead or dying," though this represents one adviser's assessment rather than a formal count. The pivots demonstrate that several boards no longer view crypto accumulation alone as sufficient, with companies moving toward AI infrastructure and data centers to generate operating revenue.
Despite the widespread pivot to AI, several companies have experienced significant market failures. K Wave Media has fallen about 71% since its May pivot, with the stock declining almost 25% on the first trading day after announcing its data-center shift. The company sold its remaining 88 BTC to repay $6 million of debt, ending a campaign that once targeted 10,000 BTC. Lixte Biotechnology and Alpha Compute have each dropped roughly 33% since announcing their own changes, with Lixte agreeing to acquire NOMAD Transportable Power Systems in June 2026 and rebranding as Alpha Compute to shift toward GPU services and AI infrastructure. Bloomberg reports that the pivots have not stopped steep share declines, with the figures measuring performance after the pivots and not proving causation. The transformation toward AI data centers has not yet demonstrated the scalability needed to replace investor interest in the Bitcoin accumulation plans.
Beyond financial pressures, the sector is experiencing significant corporate restructuring. According to reports, Twenty One Capital saw CEO Jack Mallers step down, while Bitcoin Standard Treasury Company (BSTR) failed to complete its proposed merger due to unfavorable market conditions. Bitdeer and MARA Holdings are selling bitcoin to repurchase or repay debt and repurpose energy-supply deals to power AI data centers, reflecting the broader shift toward artificial intelligence infrastructure investments. The selling cycle has been identified as a problem by multiple research firms, with Galaxy Digital showing in 2026 that the trade depended on treasury stocks selling above the value of the crypto they held, creating a cycle that stopped when those premiums disappeared. Analysts believe that as financing costs rise and BTC price volatility intensifies, the "debt-fueled treasury" model is undergoing a reshuffle, with some companies shifting from simply hoarding Bitcoin to transforming toward cash-flow-generating AI infrastructure and businesses.
Despite the widespread selling, Strategy remains the largest publicly listed holder of bitcoin with more than 840,000 BTC, as reported by VanEck. CEO Michael Sayler maintains a bullish outlook, stating they will probably sell some bitcoin to fund a dividend just to inoculate the market, emphasizing this is not a signal of a broad-based exit plan. The selling pressure reflects the challenging market conditions facing companies that built their business models around bitcoin accumulation strategies during more favorable market conditions, with the current environment forcing a fundamental reassessment of crypto treasury strategies across the sector. Companies are no longer treating Bitcoin and digital assets as assets to accumulate forever, with liquidity, debt management, acquisitions, and capital allocation decisions playing a bigger role in treasury choices. As Odaily reports, the "Digital Asset Treasury (DAT)" model pioneered by Strategy is undergoing significant adjustments as companies pivot toward AI infrastructure businesses and operational efficiency.
