Recent developments in the cryptocurrency market indicate a growing trend of liquidation among public companies that previously embraced Bitcoin as a long-term asset. The surge in Bitcoin’s value to $66,743.69 over the past two years has prompted many investors to rethink their strategies as prolonged price weakness begins to weigh heavily on their balance sheets.
A notable example is Empery Digital, which recently disclosed the sale of 370 Bitcoin at an average price of $66,632, resulting in total proceeds of approximately $24.7 million. This sale also enabled the company to fully repay its outstanding term loan and release around 1,800 BTC held as collateral. Empery Digital had significantly built its Bitcoin treasury starting in July 2025, reaching a peak of nearly 4,000 BTC. However, the company’s stock has plummeted by 75% since its peak price of $15.80 in 2025.
Another case involves Genius Group, an AI-driven educational firm focused on Bitcoin. Once holding a stash of 440 BTC last March, the company has completely divested its holdings, including a recent liquidation of 84 BTC valued at around $8.5 million to address its debt obligations. Genius Group expressed intentions to re-establish its Bitcoin position when the market conditions improve.
The trend of liquidations is not confined to mid-sized companies; major players in the Bitcoin mining sector are also reducing their holdings. Riot Platforms, one of the largest publicly traded Bitcoin mining companies in the U.S., recently sold 500 BTC for approximately $34.13 million. This strategy aligns with its pivot towards artificial intelligence and high-performance computing, a move that is becoming increasingly common within the mining industry. Over the last two months of 2025 alone, Riot has liquidated about $200 million in Bitcoin, and although it has accumulated Bitcoin through mining operations, it now holds about 17,500 BTC, down from peak holdings of over 19,000 BTC.
Compounding these trends, the government of Bhutan has also been offloading its Bitcoin assets, having sold a total of 3,103 BTC, including a significant sale of 375 BTC on March 30, according to data from Glassnode. Bhutan’s Bitcoin holdings had been built through state-backed mining operations, peaking at over 13,000 BTC in October 2024.
Despite the trend of liquidations being a cause of concern for bullish investors, the situation isn’t entirely bleak. Public companies still maintain control of approximately 1,164,800 BTC, which represents over 5% of the total Bitcoin supply of 21 million. As of the latest reports, Bitcoin is trading at $66,500, reflecting a decline of over 2% since midnight UTC, as per CoinDesk data.
