Recent activity in the corporate Bitcoin market shows that companies are no longer moving in lockstep. Some firms chose to trim their holdings to improve liquidity, reduce leverage, or reshape their capital structure. Others, however, stayed committed to Bitcoin as a long-term treasury asset and continued adding to their reserves. The latest wave of disclosures suggests the market is not seeing a broad institutional exit, but rather a split between companies under financial pressure and those still pursuing accumulation.
Which Companies Have Been Selling Bitcoin?
Recent company statements show that reserve reductions have largely been driven by financing needs rather than a simple change in market outlook. In many cases, debt repayment, collateral management, and balance sheet repair appear to have played a bigger role than any outright shift away from Bitcoin itself.
- Empery Digital: The company said it sold 370 BTC beginning on March 27, 2026, generating about $24.7 million in gross proceeds and leaving it with 2,989 BTC on its balance sheet. Empery also said the transaction helped eliminate outstanding debt and freed up roughly 1,800 BTC that had previously been tied up as collateral. The move was framed less as a retreat from Bitcoin and more as an effort to strengthen the company’s financial position.
- Genius Group: In its first-quarter results, the company disclosed that it had sold the remainder of its Bitcoin treasury and fully repaid $8.5 million in debt. Its statement made clear that risk reduction and financial flexibility were the immediate priorities. The company also indicated that it could rebuild its Bitcoin position in the future if conditions become more favorable.
- MARA Holdings: MARA said it sold 15,133 BTC between March 4 and March 25, 2026, raising just over $1 billion. According to the company, most of the proceeds will be used to repurchase convertible notes. Rather than signaling a long-term change in conviction, the sale appeared to reflect a broader effort to lower financing costs and restructure liabilities.
Which Companies Are Still Buying Bitcoin?
At the same time, recent data shows that corporate demand for Bitcoin has not disappeared. While some companies have chosen to shrink their holdings, others have continued to build reserves and stick with their treasury strategy. That makes the current picture far more mixed than the sell-side headlines alone might suggest.
- Strategy: Strategy once again led corporate accumulation in March. Treasury data shows the company added 44,377 BTC during the month, accounting for the overwhelming majority of all Bitcoin purchased by public companies over that period. The scale of that buying underscored that corporate appetite for Bitcoin remains intact in parts of the market.
- Metaplanet: Japan’s Metaplanet remained one of the most active buyers. The company said it added another 5,075 BTC in the first quarter of 2026, lifting its total holdings to 40,177 BTC. That increase further cemented its place among the largest public corporate Bitcoin holders and reinforced its commitment to an accumulation strategy.
- Other Corporate Buyers: Public Bitcoin treasury companies collectively added more than 47,000 BTC in March. While Strategy represented the largest share of that figure, smaller players such as American Bitcoin also expanded their reserves. The broader takeaway is that buying activity has not come to a halt, even as some firms move to de-risk.
The latest developments make one thing clear: corporate Bitcoin strategy is no longer moving in a single direction. Some companies are selling to ease debt pressure and stabilize their balance sheets, while others are continuing to treat Bitcoin as a long-term reserve asset.
