Nine public companies have fully exited their Bitcoin treasury strategies, others are selling assets or moving away from pure accumulation.
At least 20 public Bitcoin treasury companies have either liquidated, reduced or loosened their crypto accumulation strategies, VanEck research head Matthew Sigel noted in an X post on Thursday, July 23, as debt and weak share prices turn corporate holdings into a source of cash.
Sigel divided the companies into nine complete exits, seven partial or forced sellers and four that have moved toward more active management.
This includes firms exiting the crypto space, firms selling their BTC▲$62,630.00 holdings to pay off debt, and firms that have not yet sold any BTC, but no longer commit to buying more.
- For instance, Prenetics, a consumer-health company that sold its entire 510 BTC position for about $41 million.
- Sequans Communications, a French semiconductor company, has also ended its Bitcoin treasury strategy, by selling most of its BTC to repay convertible debt.
- Bitcoin miner MARA Holdings sold more than 15,000 BTC for roughly $1.1 billion in March, mainly to repurchase convertible notes. That sale, though, didn’t amount to a full exit.
Read also: European Bitcoin Treasury Firm Capital B to Cut Share Count by 90%
VanEck Warned About the Model
VanEck had already pointed to the problem in October 2025. Sigel said at the time that many treasury companies lacked “deep and liquid markets for the secondary trading of their securities,” especially options. Once demand for their shares cooled, raising fresh money became harder.
Galaxy Digital had also raised the issue earlier in 2026. Its research showed that the trade depended on treasury stocks selling above the value of the crypto they held.
Companies could then issue shares, use the proceeds to buy more crypto and repeat the process. When those premiums disappeared, issuing more stock began hurting existing shareholders and the cycle stopped.
Read more: Bitcoin Treasury Firm Satsuma to Liquidate BTC, Return Cash
