Strategy sold 3,620 BTC while smaller firms like Satsuma liquidate all holdings. Over 840,000 Bitcoin on one balance sheet hangs over the market, and AI pivots have not convinced investors.
Public companies that once piled Bitcoin onto their balance sheets are now selling those holdings and chasing artificial intelligence. Investors aren't buying the rebrand, and the stock prices tell the story.
Bitcoin has fallen roughly 50% from its October 2025 peak near $126,000. Firms that treated the cryptocurrency as a savings account are learning an expensive lesson about concentration risk.
Strategy, the company formerly called MicroStrategy, sold about 3,620 Bitcoin and authorized further sales, according to company filings. The firm still holds over 840,000 BTC, making it the largest corporate holder by a wide margin. AlphaScala rates Strategy at 32 out of 100, labeled Weak. MSTR stock page
Smaller firms are in worse shape. Satsuma Technology approved the complete liquidation of its 668 Bitcoin, a move that led to its delisting from the London Stock Exchange. Sequans Communications sold 1,025 Bitcoin (roughly 80% of its remaining stash) to repay convertible debt.
MARA Holdings and Bitdeer have been selling Bitcoin to pay down debts and buy back shares. Both have redirected resources toward AI data centers. Twenty One Capital saw its CEO Jack Mallers resign. Bitcoin Standard Treasury Company, known as BSTR, scrapped a merger proposal meant to strengthen its market position. AlphaScala rates MARA at 37 out of 100, labeled Mixed. MARA stock page
The selling has contributed to Bitcoin's inability to sustain rallies. Each time the price attempts to recover above $70,000, the weight of corporate selling appears to cap the move, traders said.
The logic behind the pivot to AI is straightforward. Bitcoin mining operations already have the power infrastructure, cooling systems, and data center shells that AI workloads need. Converting facilities from proof-of-work mining to AI training is technically feasible. Yet the market is treating these moves as signs of desperation rather than strategic vision.
The sheer volume of Bitcoin held by one company creates a persistent overhang. Over 840,000 BTC on Strategy's balance sheet means that if the firm becomes a net seller during downturns, the supposed floor from corporate accumulation disappears. The selloffs underway suggest that floor was never solid to begin with.
Satsuma's delisting and BSTR's failed merger indicate that for the weakest players, the endgame has already arrived. For larger holders like Strategy, the question is whether 840,000 BTC functions as a war chest or an anchor. The answer depends on where Bitcoin goes from here.
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