A notable increase in Bitcoin treasury sell-offs is being observed, with companies like Riot Platforms, Empery Digital, Genius Group, and the nation of Bhutan all reducing their positions.

Growing Trend of Bitcoin Liquidations

The sell-off suggests a shift in strategy among entities that previously positioned themselves as long-term Bitcoin holders. Falling prices and a period of market consolidation are cited as key factors pushing these entities to liquidate reserves.

Public Company Sales

Empery Digital, which began accumulating Bitcoin in July 2025 and reached a peak of roughly 4,000 BTC, has significantly reduced its holdings. Its shares have fallen 75% from their 2025 all-time high of $15.80. Genius Group, an AI-powered education company, has completely liquidated its Bitcoin stash, selling its final 84 BTC to repay $8.5 million in debt. The company intends to rebuild its treasury when market conditions improve.

Riot Platforms' Strategic Pivot

Riot Platforms, a major U.S. Bitcoin mining company, has also been selling Bitcoin to fund a strategic shift towards Artificial Intelligence (AI) and high-performance computing (HPC). On Wednesday, the company reportedly moved 500 BTC for approximately $34.13 million. Riot Platforms has accumulated Bitcoin through mining operations, reaching peak holdings of over 19,000 BTC and currently holds roughly 17,500 BTC.

Bhutan's Ongoing Reduction

The government of Bhutan continues to reduce its Bitcoin holdings, having sold a total of 3,103 BTC. A single transaction on March 30 saw the liquidation of 375 BTC. Bhutan built its Bitcoin reserves through state-backed mining, peaking at over 13,000 BTC in October 2024.

Metaplanet's Contrarian Move

In contrast, Metaplanet added 5,075 BTC in Q1 2026 for $398 million, bringing its total holdings to 40,177 BTC, valued at approximately $3.9 billion. This move has positioned Metaplanet as the third-largest corporate Bitcoin holder, surpassing MARA Holdings.