Bitcoin Treasury Companies Selling: Seven Firms Sold Every Coin, and We Checked the Filings

Bitcoin treasury companies selling their whole stack was not part of the 2025 pitch. Back then, a small listed company could add Bitcoin to its balance sheet and watch its stock double in a week. Ten months into 2026, a growing group of them hold none at all.

Asset manager Bitwise puts the number at a dozen companies from last year’s class. It didn’t publish the names, so we went through SEC filings and London Stock Exchange announcements ourselves. We could confirm seven by name. Together they held about 6,600 BTC at their peak. Every one of those coins is gone.

This is what the buying side sounded like. KULR’s chief executive, in July 2025:

Michael Mo @michaelmokulr

KULR has acquired 90 BTC for ~ 10 million at ~ $108,884 per #bitcoin and has achieved BTC Yield of 291% YTD. As of 7/9/25, we hodl 1021 $BTC acquired for ~ $101 million at ~ $98,627 per bitcoin. $KULR

2:32 PM · Jul 10, 2025 View on X

KULR sold its last 764 BTC between August 20 and September 11, 2026, at about $76,633 each.

Which Bitcoin Treasury Companies Sold All Their Bitcoin?

Seven that we could confirm in their own filings: Sequans, Satsuma, KULR, Prenetics, Genius Group, K Wave Media and Profusa. Others may have gone quietly. These seven put it in writing.

The biggest was Sequans, a French chipmaker. It bought 3,234 BTC in July 2025 for $377.2 million, according to its annual report, all of it pledged against $189 million of convertible debt. It sold in stages to pay that debt off and sold the last 314 BTC by September 24.

Prenetics, the health company behind David Beckham’s IM8 supplements, sold all 510 BTC after March for $41.3 million and put the money into the supplement brand.

The smaller exits are easy to miss. Genius Group, an education company, sold its last coins in the first half of the year to clear a Bitcoin-backed loan. Profusa, a medical tech firm, sold about 16.5 BTC in March and dropped the plan. K Wave Media, a K-pop company, shows why the filings need a careful read. One of its June filings says it sold its Bitcoin for $64,221,193. That number is its share count. Its annual report gives the real figure: $6.95 million.

Why Are Bitcoin Treasury Companies Selling?

Mostly to pay back what they borrowed to buy. Sequans, KULR, Genius Group and K Wave Media all had loans or notes backed by their Bitcoin. When the price fell, the coins became the cheapest way to clear the debt.

The trap was the share price. These stocks once traded above the value of the Bitcoin they held, so selling new shares raised fresh cash to buy more. Once the stocks fell below that value, every new share sold destroyed value instead. With the share tap shut, the only thing left to sell was the Bitcoin.

Satsuma, a London-listed firm, is the odd one out. A group holding more than 20% of its shares forced a vote to hand the cash back. Four of its six directors told shareholders to vote no. More than 90% voted yes on July 20. Satsuma sold its 669.49 BTC between July 24 and 31 for about $42.6 million and left the stock market on October 21.

Bought High, Sold Low

The timing did the damage. Most of this class bought in the middle of 2025, when Bitcoin traded above $100,000 on its way to the $126,080 record of October 6, 2025. The sales came in 2026, at $63,000 to $81,000.

• Sequans paid an average of $116,643 per Bitcoin.
• K Wave Media paid about $111,500. It sold its 88 BTC for $6.95 million on May 6 and booked a $2.86 million loss.
• KULR carried its coins at about $100,600 each and got $76,633 for the last batch.
• Satsuma sold at roughly $63,600 per coin, near the bottom of the summer range.

Compare that with Strategy. The largest holder owns 848,517 BTC at an average of $75,446, so it is still in profit at today’s price. The difference was not conviction. Strategy started buying in 2020, and those cheap early coins pull its average down.

SIDE TRAIL: Strategy Break-Even Price: Bitcoin Sits Just 6.8% Above $75,446

Did the Selling Hurt the Bitcoin Price?

Barely. Bitcoin treasury companies selling about 6,600 BTC over a year sounds like a lot, but it is worth less than one day of normal trading. Bitcoin traded $26.5 billion in the last 24 hours alone. It is also under 1% of what Strategy holds.

The bigger change is on the buying side. Strategy did not buy any Bitcoin in the week to October 25, its filing shows. The small companies that piled in behind it last year are no longer adding, and seven of them are gone.

What the Crew Is Watching

Not every exit is final. Genius Group still has a board-approved plan to build an $827 million Bitcoin treasury by 2031, and K Wave Media says it “may decide in the future” to adopt Bitcoin again. Satsuma even bought more in April, three months before its shareholders voted to sell.

For the Bitcoin price, the levels are close together:

• Resistance: $81,974. The 50-day moving average (MA), the average close of the last 50 days.
• Support: $79,221. The lowest price of October so far.
• Below that: $75,446. Strategy’s average cost. A move under it would put the biggest holder in the red.
• Then: $73,156. The 200-day MA, the long-term trend line.

Bitcoin trades at $79,798 at the time of writing, down 1.6% in 24 hours.

TRAIL MAP: No Strategy Bitcoin Purchase Last Week, While Strive Bought 6,182 BTC for $511M

The 2025 treasury boom promised that any company could become a Bitcoin company. Seven of them have now shown how that ends when the coins are bought with borrowed money near the top. The ones still holding mostly bought earlier, or never borrowed at all.

Written by

Teddy

In crypto since 2016. Covers altcoins and the daily market. When not trading, out climbing and traveling.

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