Analyst Says 12 Companies Sold Their Bitcoin Holdings After 2025 Boom
Key Facts
A Bitwise analyst said 12 companies that entered the Bitcoin treasury sector during the 2025 boom sold all their holdings, in an exit wave reflecting varied decisions, from repaying debt to returning capital. Coinlook quoted analyst Ryan Rasmussen as saying the 12 companies "sold all their Bitcoin holdings." No open official list has emerged to confirm the number company by company, so the figure does not establish that all companies entering the sector gave up their holdings. Available disclosures show specific cases of complete sales, each with a different financial context. Fidelity Digital Assets data also show that the number of public companies holding large amounts of Bitcoin rose during 2025. Strategy continues to hold cash that could be directed in part toward buying Bitcoin.
According to Fidelity Digital Assets' analysis in its "2026 Outlook" report, the number of public companies holding 1,000 Bitcoin or more rose from 22 at the end of 2024 to 49 at the end of 2025, more than doubling. The figure counts companies that reached that holding threshold; it is not limited to companies that announced a new treasury strategy during the 2025 boom. This expansion puts the claim of 12 exits in the context of a market where the number of large holders increased alongside cases of complete sales. Available disclosures offer examples of direct motives, including meeting financial obligations and returning capital to shareholders. These cases alone are not enough to establish that the Bitcoin treasury strategy has ended or that reduced appeal of the asset was a general reason for selling.
Genius Group said it sold the remainder of its Bitcoin treasury and repaid its external debt during the first half of 2026. In its disclosure, the company said sales of digital assets helped repay the Bitcoin-backed loan and remaining external debt, linking the disposal of its holdings to reducing liabilities. Its total liabilities fell 37% to 25.5 million dollars on June 30, 2026, from 40.3 million dollars on December 31, 2025, according to the disclosure. The comparison shows the company's position after restructuring and debt repayment against the end of the previous year. Genius Group's figures offer an example of a company using exit proceeds as part of a balance-sheet restructuring, without establishing that other companies followed the same motive.
In the case of Satsuma Technology, the board approved closing all operating entities and ending its digital-asset treasury strategy after a shareholder meeting on July 20, 2026, and the company said it had sold all its Bitcoin. Its audited results said the sale of 579 Bitcoin in the second half of 2025 mainly funded the redemption of 78.2 million pounds sterling in convertible notes. The sales followed a decline in Bitcoin's price in the second half of that year, the company said. For the year ended February 28, 2026, Satsuma recorded an unrealized loss of 25.9 million pounds sterling on its holdings and realized losses of 6.7 million pounds on Bitcoin sold to meet the note redemption. These figures show the exit was tied to the cost of liabilities and losses recorded on holdings and sales.
Satsuma pursued a return of capital after selling its Bitcoin; it said the court approved the process on September 8, 2026, and that about 2 million pounds sterling would remain in cash to help fund a new project. The plan differs from a case in which a company sells assets solely to repay debt, combining a return of capital to shareholders with retaining an amount for a future project. Sequans Communications, meanwhile, announced on September 24, 2026, that it had completed its exit from its Bitcoin treasury after selling its remaining balance of 314 Bitcoin, which it held on June 30, 2026. The company linked its decision to the redemption of its convertible debt in May 2026 and a renewed focus on its semiconductor growth strategy. These cases show that an announcement of a complete sale can form part of a financial restructuring or a shift in a company's business, rather than reflect one common reason.
By contrast, a Strategy filing with the U.S. Securities and Exchange Commission showed that on October 25, 2026, it had a dollar reserve of 4.83 billion dollars, along with 242.4 million dollars in cash. The company said its dollar cash could be used, among other purposes, to acquire Bitcoin. The filing is evidence that Strategy continues to maintain a financial framework that includes the ability to buy the currency, despite announced exits by other companies. The gap between the figure of 12 attributed to a Bitwise analyst and the available open disclosures remains important in describing the scale of the sector's retreat. Available data record sales and specific reasons, while no complete official list of the 12 companies cited by the analyst has been provided.