Many corporate treasury companies, particularly Bitcoin digital asset treasury firms, have long viewed Michael Saylor’s Strategy as a model.

From 2020 to 2025, Strategy helped popularize the “buy-and-hold” approach. Over that period, more publicly traded companies adopted Bitcoin and other cryptocurrencies as treasury reserve assets, turning treasury policy into a visible part of their corporate strategy rather than a back-office cash management decision.

Recent developments, however, show that many businesses are moving away from accumulation at any cost and, in some cases, toward more active treasury management. Rather than merely reducing exposure, several companies have entered what the source described as a “Full Liquidation” or “Complete Exit” phase, abandoning their crypto treasury strategies altogether.

Vaultz Capital, for example, dropped its Bitcoin treasury policy as it repositioned itself as a cash-backed acquisition platform. Satsuma Technology also voted to liquidate all 668 BTC, return capital to shareholders, and delist from the London Stock Exchange.

Some firms have not fully abandoned Bitcoin

For other companies, the shift away from Bitcoin holdings was tied to changing business priorities and liquidity needs. That distinction matters because corporate Bitcoin sales can reflect different objectives: some companies are exiting digital assets entirely, while others are using treasury reserves as a source of funding for debt reduction, operating expenses, or new business lines.

Prenetics sold about 510 BTC before adopting a rule that prohibits future purchases of digital assets. Bitdeer sold its entire Bitcoin [BTC] treasury to fund the expansion of its AI data center, while Genius Group liquidated its holdings to repay debt.

AEG, MAIA Biotechnology, and Alpha Compute also stopped or scaled back their digital asset plans, citing working capital requirements, crypto market volatility, and restructuring.

Another group of companies has moved away from aggressive Bitcoin accumulation without fully giving up on the asset. MARA Holdings, for instance, adopted a more flexible capital management approach by formally expanding its treasury policy to permit sales from corporate reserves. The company also sold more than 15,000 BTC to reduce debt.

Other Bitcoin sellers

Cango sold Bitcoin for operational reasons, using the proceeds to support its AI transformation. Smarter Web Company liquidated 178 BTC to repay convertible debt. Nakamoto Inc. sold Bitcoin to fund operations and acquisitions.

These changes came as Strategy recently sold more than 3,600 Bitcoin and launched a $1.25 billion Bitcoin Monetization Program. The change was also reflected in Saylor’s statement: “I never said the company wouldn’t sell its Bitcoin.”

For investors and market observers, the shift highlights how Bitcoin treasury strategies depend not only on the asset’s price, but also on balance sheet needs, financing conditions, shareholder priorities, and management mandates. Companies that once emphasized accumulation are now showing that treasury policies can change when capital is needed elsewhere.

Retail investors face pressure

The institutional shift took place while Bitcoin traded at $65,413.05 at press time. At the same time, retail investors have also been facing challenges.

Bitcoin’s Net Unrealized Profit/Loss, or NUPL, which previously climbed into the euphoria zone during the 2020 and 2021 market peaks, has fallen sharply.

The graph cited in the source indicated that by 2026, NUPL had declined to about 0.15. That suggested profits had narrowed and that market sentiment had become more cautious, though not yet pessimistic.

A recent AMBCrypto analysis further stated that the bear cycle may be nearing its end sooner than most people expect.

Institutions that were once known for buying and holding Bitcoin are now reducing or liquidating positions that had been held as inflation hedges. Strategy, long treated as an example for corporate Bitcoin accumulation, is now being viewed in the source as a model for selling as well.