The Bitcoin treasury sector is in turmoil, with several public treasuries executing sizable asset sales and facing shareholder demands for board resignations; last year more than 200 companies invested roughly $100 billion into Bitcoin.
Bitcoin treasuries currently hold about $72 billion worth of Bitcoin, roughly half of their peak value, and the asset’s market price has sunk nearly 50% from its October 2025 high.
Several Bitcoin treasury companies have taken significant actions amidst recent market challenges. One treasury has approved the sale of 7,500 Bitcoin, valued at approximately $503 million, to finance a share buyback initiative. Another company received a letter from shareholders, compelling the resignation of its entire board, indicating dissatisfaction with current management.
Additionally, Empery Digital plans to sell 4,081 Bitcoin, worth about $275 million, as part of a strategy to repurchase company shares. GD Culture has also approved the potential sale of all or part of its 7,500 Bitcoin to support a $100 million share repurchase scheme. Meanwhile, GD Capital faces an unrealised loss of around $208 million on its Bitcoin investments and has not responded to requests for comment. These decisions reflect the pressure treasuries face in the current volatile crypto market environment.
One public treasury approved the sale of 7,500 Bitcoin, valued at approximately $503 million, to buy back its own shares. Another company received a letter from shareholders demanding that its entire board resign. Empery Digital holds 4,081 Bitcoin, worth about $275 million, and plans to sell those holdings to repurchase company shares in the future.
GD Culture approved the sale of some or all of its Bitcoin holdings, valued at roughly $505 million, to fund a $100 million share repurchase program. GD Capital is sitting on an unrealised loss of about 42% on its Bitcoin position, which equates to roughly $208 million. GD Capital did not respond to requests for comment. The actions reported across these companies encompass approved asset sales, planned disposals and shareholder letters demanding board resignations.
Standard Chartered projects Bitcoin will fall to about $50,000 in the next few months, rise to about $100,000 by the end of 2026, and reach a record high of around $126,000 in October.
Market participation among public companies has diminished recently, with barely two of the 193 public firms that hold Bitcoin buying more in the past week. Corporate buying is concentrated: Strategy accounts for over 99% of all corporate Bitcoin purchases. The text includes statements that investors are increasingly buying underlying tokens and that capital has concentrated on the largest players such as Strategy (ticker MSTR). Strategy’s stock price has fallen from $473 to $133 in the past year.
Bitcoin treasuries are facing a range of challenges, including mass sales of holdings, share buybacks and substantial unrealised losses reported by several companies. Market participation by public treasury holders has declined and corporate buying is concentrated in a small number of large issuers. Some companies have approved sales of large Bitcoin blocks to fund buybacks, while others have received shareholder letters demanding board resignations. The sector also shows reported valuation discounts for several treasury stocks and a marked shift of corporate capital toward dominant issuers.
