Bitcoin treasuries are facing a notable unwind as falling prices and prolonged market consolidation push public companies and sovereign holders to liquidate reserves to strengthen balance sheets.

Sovereign selling is accelerating, with Bhutan continuing to reduce its bitcoin holdings built over years of state-backed mining. Meanwhile, investors and firms that entered the market heavily over the past two years are increasingly exiting, signaling growing caution.

Public companies, once considered long-term holders, are selling as sustained price weakness impacts both financial performance and strategic plans.

Empery Digital (EMPD) sold 370 BTC at an average price of $66,632 on Wednesday, raising $24.7 million and leaving the company with 2,989 BTC. Proceeds were used to fully repay a term loan and release roughly 1,800 BTC previously held as collateral. Empery’s bitcoin treasury, which began in July 2025 and peaked near 4,000 BTC, has coincided with a 75% drop in the company’s shares from their 2025 high of $15.80.

Genius Group (GNS), an AI-focused bitcoin education company, has fully liquidated its holdings. After once holding 440 BTC, the company recently sold its last 84 BTC to repay $8.5 million in debt and plans to rebuild its treasury when market conditions improve.

The trend extends to larger players. Riot Platforms (RIOT), one of the largest publicly traded bitcoin miners in the U.S., reportedly moved 500 BTC worth $34.13 million on Wednesday to fund its pivot into AI and high-performance computing. Riot sold roughly $200 million in bitcoin during the final two months of 2025. Unlike treasury adopters, Riot accumulates bitcoin through mining, peaking at over 19,000 BTC, with current holdings around 17,500 BTC.

Bhutan’s government has sold a total of 3,103 BTC, including a 375 BTC transaction on March 30, according to Glassnode. Its holdings peaked at more than 13,000 BTC in October 2024.

Despite the wave of liquidations, public bitcoin treasury companies still hold roughly 1,164,800 BTC, representing over 5% of the total 21 million BTC supply, according to BitcoinTreasuries.net.

At the time of writing, bitcoin was trading near $66,500, down more than 2% over the past 24 hours, according to CoinDesk data.