The great corporate Bitcoin experiment is unwinding in real time. Public companies that spent the last few years stuffing their balance sheets with Bitcoin are now liquidating those holdings, pivoting to AI infrastructure, and watching their stock prices crater anyway.
Bitcoin has fallen roughly 50% from its peak of around $126,000 in October 2025, and the firms that treated it like a savings account are learning an expensive lesson about concentration risk.
The great unwind
Strategy, the company formerly known as MicroStrategy and the loudest evangelist for the corporate Bitcoin treasury model, sold approximately 3,620 BTC and authorized further sales. The firm still holds over 840,000 BTC as of July 2026, making it by far the largest corporate holder.
Smaller players are in far worse shape. Satsuma Technology approved the full liquidation of its 668 BTC, a move so drastic it triggered the company’s delisting from the London Stock Exchange.
