Companies and governments sell bitcoin reserves amid price drops and strategic shifts.

Several public companies like Empery Digital, Genius Group, and Riot Platforms have sold portions of their bitcoin holdings recently to repay debt, improve liquidity, or pivot towards AI and high-performance computing. Sovereign holders such as Bhutan are also reducing their bitcoin reserves. This selling trend reflects the impact of falling bitcoin prices and prolonged market consolidation on balance sheets and strategies. Despite these liquidations, public bitcoin treasury companies still hold over 1.16 million BTC, representing more than 5% of total supply, indicating some long-term confidence remains.