1. Satsuma Technology (SATS LN) — Shareholders voted on July 21, 2026, with >90% approval to liquidate all 668 BTC (~$43.5 million), return capital to investors, and delist from the London Stock Exchange. Pantera Capital Management was reportedly among the investors pushing for the wind-down .
2. Pantera Capital (listed entity) — Fully exited its Bitcoin treasury position .
3. Meitu — Sold its full position of approximately 940 BTC (plus 31,000 ETH), exiting crypto entirely by late 2024 .
4. Sequans Communications (SQNS) — Announced on May 28, 2026, that it was ending its Bitcoin treasury strategy after selling ~80% of its holdings (1,025 BTC) to redeem all remaining debt tied to its BTC treasury .
5. Empery Digital (EMPD) — Sold 1,400 BTC for $87.1 million from May 7 to July 10, 2026, at an average price of $62,200 per BTC—representing 48% of its holdings—to repay debt .
6. Bitdeer (BTDR US) — Fully emptied its corporate Bitcoin treasury as of February 20, 2026, liquidating its remaining 943 BTC to fund its pivot to AI data centers. The company had also sold 798 BTC in December 2025 .
7. Genius Group (GNS) — Sold its entire Bitcoin treasury of 84.15 BTC on April 1, 2026, to fully repay $8.5 million in debt .
8. K Wave — The Nasdaq-listed company disclosed in a June 30, 2026, Form F-3 that it sold all of its Bitcoin holdings on May 6, 2026, generating aggregate proceeds of $64.2 million .
9. Meitu — As noted above, Meitu is one of the confirmed complete exits . (Note: Sigel's list also includes additional companies in the "complete exits" category, with the published list naming Satsuma, Pantera, Meitu, and Sequans explicitly as full exits .)

Strategy (MSTR) Breaks Its 'Never Sell' Stance

Strategy, the largest corporate Bitcoin holder with 843,775 BTC (as of early July 2026), broke its long-standing pledge never to sell Bitcoin in two distinct transactions :

• First sale (May 26–31, 2026): Sold 32 BTC for approximately $2.5 million at roughly $77,135 per coin to fund distributions on its STRC perpetual preferred stock .
• Major sale (June 29 – July 5, 2026): Sold 3,588 BTC for approximately $216 million at an average price of about $60,200 per BTC, reducing its holdings from roughly 847,363 to 843,775 BTC . Proceeds were used to pay dividends on preferred securities (STRC)—which carry a 12% annual yield on $10 billion of face value—and replenish its dollar reserve .
• Strategy also recorded an $8.32 billion loss on digital assets for Q2 2026 .

Other Companies Selling or Reducing

• Empery Digital sold 48% of its holdings (1,400 BTC for $87.1 million) to repay debt .
• MARA Holdings sold 15,133 BTC to retire $957 million in zero-coupon convertible notes; it now holds 38,689 BTC .
• Riot Platforms and numerous smaller companies are reducing holdings or shifting to active treasury management under pressure from crypto volatility, debt obligations, and liquidity needs .

Structural Mechanisms Forcing Sales

Three debt and equity instruments compel Bitcoin sales on fixed calendars, regardless of management conviction about Bitcoin's long-term value:

1. Convertible notes with fixed maturities: Companies like Strategy issued billions in convertible senior notes due 2027–2029. These carry mandatory principal repayment at maturity or can be put back to the company by holders. If the stock trades below the conversion price, the company must repay in cash—not equity—forcing Bitcoin liquidation .
2. Preferred shares (perpetual or with redemption windows): Strategy's STRC preferred stock carries a 12% annual dividend yield on $10 billion of face value, requiring approximately $1.2 billion in annual cash dividend payments. With operating cash flow insufficient, the company must sell Bitcoin to service those dividends .
3. Credit facilities and pledge agreements: Several Bitcoin treasury companies pledged BTC as collateral for loans. When Bitcoin's price fell, margin calls or collateral top-up requirements forced involuntary sales. Fixed redemption windows on these facilities create deadline-driven selling regardless of market conditions .

The Three Conditions the DAT Model Depended On—and Why All Three Collapsed

The Digital Asset Treasury (DAT) model relied on a self-reinforcing loop that required three conditions to hold simultaneously :

1. Rising Bitcoin price — Higher BTC prices increased the dollar value of the treasury, allowing companies to borrow more at better terms.
2. Shares trading above Net Asset Value (NAV) — A premium to NAV enabled companies to issue equity or convertible notes at favorable prices, diluting less while raising capital to buy more Bitcoin.
3. Open capital markets for new issuance — Continuous access to debt and equity markets allowed companies to refinance maturing obligations with new issuance rather than sell Bitcoin.

By July 2026, all three conditions had broken . Bitcoin hit an all-time high of roughly $126,000 in October 2025 . As of late July 2026, Bitcoin had declined approximately 50% to the $62,000–$65,000 range . The 50% decline roughly halved the dollar value of corporate treasuries. Most major Bitcoin treasury players now trade below the value of the coins they hold (a negative NAV premium), making equity issuance prohibitively dilutive . And with shares below NAV, Bitcoin in a bear market, and credit conditions tightening, capital markets have largely closed for new ATM equity offerings or convertible debt issuance by these firms .

The 21Shares mid-year report warned that "the Bitcoin treasury company model is buckling" under this drawdown, and most major players are now forced to sell rather than accumulate . Of the 18 largest digital asset treasury vehicles tracked by 21Shares, 13 were trading at a discount to the market value of their crypto holdings .

Bear-Case Projection: 77,100 to 128,500 BTC in Calendar-Driven Selling

With maturity concentrations in 2027–2028, analysts project that corporate Bitcoin treasury companies will need to sell :

• 77,100 BTC (lower bound) to 128,500 BTC (upper bound) over the next two years.
• This selling is driven by fixed maturity schedules on convertible notes, preferred share redemption windows, and credit facility expirations that compel liquidation regardless of Bitcoin's price at those dates.
• Strategy alone accounts for a disproportionate share of this exposure given its roughly $10 billion in preferred stock obligations and billions in convertible notes coming due .

Sigel's Framework: The Key Metric to Watch

According to VanEck's Matthew Sigel, the single most important metric for assessing forced-selling risk at each company is net free Bitcoin: the amount of each company's Bitcoin that is unencumbered by debt, preferred claims, or pledge agreements, versus the amount that already has a creditor, dividend obligation, or maturity date ahead of it .

In practical terms, investors should calculate each firm's net free BTC: total BTC holdings minus BTC already pledged as collateral, BTC implicitly backing preferred share dividends, and BTC that must be sold to cover upcoming debt maturities. A low or negative net free BTC figure means the company has no choice but to sell into any market conditions.

The Bottom Line

The corporate Bitcoin treasury model, which appeared to be a virtuous circle for early adopters, has proven vulnerable to the same debt mechanics that affect any leveraged balance sheet. With Bitcoin down 50% from its peak, shares trading below NAV, and capital markets closed, the cycle has reversed. The companies with the highest ratio of debt obligations to free Bitcoin face the greatest forced-selling risk—and that risk will crystallize on fixed calendar dates, not when market conditions are favorable.

1. Satsuma Technology (SATS LN) — Shareholders voted on July 21, 2026, with >90% approval to liquidate all 668 BTC (~$43.5 million), return capital to investors, and delist from the London Stock Exchange. Pantera Capital Management was reportedly among the investors pushing for the wind-down .
2. Pantera Capital (listed entity) — Fully exited its Bitcoin treasury position .
3. Meitu — Sold its full position of approximately 940 BTC (plus 31,000 ETH), exiting crypto entirely by late 2024 .
4. Sequans Communications (SQNS) — Announced on May 28, 2026, that it was ending its Bitcoin treasury strategy after selling ~80% of its holdings (1,025 BTC) to redeem all remaining debt tied to its BTC treasury .
5. Empery Digital (EMPD) — Sold 1,400 BTC for $87.1 million from May 7 to July 10, 2026, at an average price of $62,200 per BTC—representing 48% of its holdings—to repay debt .
6. Bitdeer (BTDR US) — Fully emptied its corporate Bitcoin treasury as of February 20, 2026, liquidating its remaining 943 BTC to fund its pivot to AI data centers. The company had also sold 798 BTC in December 2025 .
7. Genius Group (GNS) — Sold its entire Bitcoin treasury of 84.15 BTC on April 1, 2026, to fully repay $8.5 million in debt .
8. K Wave — The Nasdaq-listed company disclosed in a June 30, 2026, Form F-3 that it sold all of its Bitcoin holdings on May 6, 2026, generating aggregate proceeds of $64.2 million .
9. Meitu — As noted above, Meitu is one of the confirmed complete exits . (Note: Sigel's list also includes additional companies in the "complete exits" category, with the published list naming Satsuma, Pantera, Meitu, and Sequans explicitly as full exits .)

Strategy (MSTR) Breaks Its 'Never Sell' Stance

Strategy, the largest corporate Bitcoin holder with 843,775 BTC (as of early July 2026), broke its long-standing pledge never to sell Bitcoin in two distinct transactions :

• First sale (May 26–31, 2026): Sold 32 BTC for approximately $2.5 million at roughly $77,135 per coin to fund distributions on its STRC perpetual preferred stock .
• Major sale (June 29 – July 5, 2026): Sold 3,588 BTC for approximately $216 million at an average price of about $60,200 per BTC, reducing its holdings from roughly 847,363 to 843,775 BTC . Proceeds were used to pay dividends on preferred securities (STRC)—which carry a 12% annual yield on $10 billion of face value—and replenish its dollar reserve .
• Strategy also recorded an $8.32 billion loss on digital assets for Q2 2026 .

Other Companies Selling or Reducing

• Empery Digital sold 48% of its holdings (1,400 BTC for $87.1 million) to repay debt .
• MARA Holdings sold 15,133 BTC to retire $957 million in zero-coupon convertible notes; it now holds 38,689 BTC .
• Riot Platforms and numerous smaller companies are reducing holdings or shifting to active treasury management under pressure from crypto volatility, debt obligations, and liquidity needs .

Structural Mechanisms Forcing Sales

Three debt and equity instruments compel Bitcoin sales on fixed calendars, regardless of management conviction about Bitcoin's long-term value:

1. Convertible notes with fixed maturities: Companies like Strategy issued billions in convertible senior notes due 2027–2029. These carry mandatory principal repayment at maturity or can be put back to the company by holders. If the stock trades below the conversion price, the company must repay in cash—not equity—forcing Bitcoin liquidation .
2. Preferred shares (perpetual or with redemption windows): Strategy's STRC preferred stock carries a 12% annual dividend yield on $10 billion of face value, requiring approximately $1.2 billion in annual cash dividend payments. With operating cash flow insufficient, the company must sell Bitcoin to service those dividends .
3. Credit facilities and pledge agreements: Several Bitcoin treasury companies pledged BTC as collateral for loans. When Bitcoin's price fell, margin calls or collateral top-up requirements forced involuntary sales. Fixed redemption windows on these facilities create deadline-driven selling regardless of market conditions .

The Three Conditions the DAT Model Depended On—and Why All Three Collapsed

The Digital Asset Treasury (DAT) model relied on a self-reinforcing loop that required three conditions to hold simultaneously :

1. Rising Bitcoin price — Higher BTC prices increased the dollar value of the treasury, allowing companies to borrow more at better terms.
2. Shares trading above Net Asset Value (NAV) — A premium to NAV enabled companies to issue equity or convertible notes at favorable prices, diluting less while raising capital to buy more Bitcoin.
3. Open capital markets for new issuance — Continuous access to debt and equity markets allowed companies to refinance maturing obligations with new issuance rather than sell Bitcoin.

By July 2026, all three conditions had broken . Bitcoin hit an all-time high of roughly $126,000 in October 2025 . As of late July 2026, Bitcoin had declined approximately 50% to the $62,000–$65,000 range . The 50% decline roughly halved the dollar value of corporate treasuries. Most major Bitcoin treasury players now trade below the value of the coins they hold (a negative NAV premium), making equity issuance prohibitively dilutive . And with shares below NAV, Bitcoin in a bear market, and credit conditions tightening, capital markets have largely closed for new ATM equity offerings or convertible debt issuance by these firms .

The 21Shares mid-year report warned that "the Bitcoin treasury company model is buckling" under this drawdown, and most major players are now forced to sell rather than accumulate . Of the 18 largest digital asset treasury vehicles tracked by 21Shares, 13 were trading at a discount to the market value of their crypto holdings .

Bear-Case Projection: 77,100 to 128,500 BTC in Calendar-Driven Selling

With maturity concentrations in 2027–2028, analysts project that corporate Bitcoin treasury companies will need to sell :

• 77,100 BTC (lower bound) to 128,500 BTC (upper bound) over the next two years.
• This selling is driven by fixed maturity schedules on convertible notes, preferred share redemption windows, and credit facility expirations that compel liquidation regardless of Bitcoin's price at those dates.
• Strategy alone accounts for a disproportionate share of this exposure given its roughly $10 billion in preferred stock obligations and billions in convertible notes coming due .

Sigel's Framework: The Key Metric to Watch

According to VanEck's Matthew Sigel, the single most important metric for assessing forced-selling risk at each company is net free Bitcoin: the amount of each company's Bitcoin that is unencumbered by debt, preferred claims, or pledge agreements, versus the amount that already has a creditor, dividend obligation, or maturity date ahead of it .

In practical terms, investors should calculate each firm's net free BTC: total BTC holdings minus BTC already pledged as collateral, BTC implicitly backing preferred share dividends, and BTC that must be sold to cover upcoming debt maturities. A low or negative net free BTC figure means the company has no choice but to sell into any market conditions.

The Bottom Line

The corporate Bitcoin treasury model, which appeared to be a virtuous circle for early adopters, has proven vulnerable to the same debt mechanics that affect any leveraged balance sheet. With Bitcoin down 50% from its peak, shares trading below NAV, and capital markets closed, the cycle has reversed. The companies with the highest ratio of debt obligations to free Bitcoin face the greatest forced-selling risk—and that risk will crystallize on fixed calendar dates, not when market conditions are favorable.