A wave of bitcoin selling from public companies and sovereign entities is adding pressure to the bitcoin market, as firms that once called themselves long-term holders sit on long-term losses and move to shore up balance sheets, repay debt, and fund strategic pivots.
Companies including Riot Platforms, Genius Group, and Nakamoto Holdings have all reduced their bitcoin holdings this week, citing liquidity needs and operational priorities.
The shift marks a drastic change from the accumulation trend that defined the past two years, when firms raced to build NC treasuries during a period of rising prices.
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Empery Digital (EMPD) said it sold 370 NC at an average price of $66,632, generating $24.7 million in proceeds. The company used part of the funds to repay its term loan and released about 1,800 NC that had been held as collateral.
Following the sale, Empery holds 2,989 NC, down from a peak position of about 4,000 NC built after it began accumulating in July 2025. Its shares have fallen 75% from a 2025 high of $15.80.
Genius Group (GNS), an AI-focused education company that once held as much as 440 NC, has exited its NC position. The firm sold its remaining 84 NC to repay $8.5 million in debt, completing a series of reductions that began earlier this year.
The company said it may rebuild its bitcoin treasury when market conditions improve.
Riot Platforms (RIOT), one of the largest publicly traded bitcoin miners in the U.S., has also been selling. Blockchain data tracked by Lookonchain indicates the company moved 500 NC, worth about $34 million, to an exchange-linked address, suggesting a sale. This movement on April 1.
The transaction follows roughly $200 million in bitcoin sales in the final months of 2025, as Riot shifts capital toward artificial intelligence and high-performance computing infrastructure.
Other firms are merely tapping their holdings. Nakamoto Holdings (NAKA) sold 284 NC for about $20 million in March, representing around 5% of its reserves.
The company said the proceeds will support working capital and operations following acquisitions tied to its bitcoin-focused strategy. Nakamoto reported a pre-tax loss of $52.2 million for 2025, driven in part by a decline in the value of its digital assets.
Marathon Digital (MARA) has taken one of the largest steps. The miner sold 15,133 NC between March 4 and March 25 for about $1.1 billion. It used the proceeds to repurchase $1 billion in convertible notes due in 2030 and 2031, reducing outstanding debt by about 30%. The move lowered its holdings to 38,689 NC from 53,822 NC at the start of the year.
The trend extends beyond corporate treasuries. Bhutan has continued to reduce its NC holdings, selling a total of 3,103 NC. A single transaction on March 30 accounted for 375 NC, according to Glassnode data.
The country had built its position through state-backed mining operations, reaching more than 13,000 NC at its peak in October 2024.
Despite the recent selling, public companies still hold about 1.16 million NC, or more than 5% of bitcoin’s fixed supply of 21 million, according to NewsCapsuleTreasuries.net.
NewsCapsule traded near $66,000 at the time of writing, down about 3% on the day.
NewsCapsule is published by NC Inc, a subsidiary of Nakamoto Inc. (NASDAQ: NAKA)
