matthew sigel, recovering CFA@matthew_sigel
List of DATs who have abandoned Bitcoin and crypto accumulation strategies since:
🔴 Full Liquidations / Complete Exits
Satsuma Technology (SATS LN) — Shareholders voted on July 21, 2026 (>>90% approval) to liquid all 668 BTC (~$43.5M), return capital to investors, and delist from the London Stock Exchange. Pantera Capital Management was reportedly among investors pushing for the wind-down.
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.
CEO Jihan Wu stated the zero balance "will not always be zero in the future."
Sequans Communications (SQNS US) — Sold 1,025 BTC in Q1 2026 to fund convertible debt redemptions and an ADS buyback, reducing holdings from 2,139 BTC to 1,114 BTC. Subsequently sold nearly 80% of remaining holdings to fully redeem all convertible debt.
Sequans has explicitly stated it will not acquire more Bitcoin and is refocusing on its core IoT semiconductor business, with plans to monetize its remaining 658 BTC in a disciplined manner over coming quarters.
Genius Group (GNS US) — Liquidated its entire Bitcoin treasury in early April 2026 to repay approximately $8.5M in debt. The company had previously reduced holdings from 200 to 138 BTC in November 2025 to cover short-term cash needs, with plans to recommence Bitcoin purchases at end of 2026.
Prenetics (PRE US) — Fully liquidated its entire ~510 BTC treasury (~$41.3M in proceeds) in May 2026 and adopted a policy prohibiting any future digital asset purchases.
Vaultz Capital (V3TC AQ) — Shareholders voted on July 21, 2026 to withdraw its Bitcoin treasury policy and dispose of all Bitcoin holdings, repositioning as a cash-backed acquisition platform. Exact BTC quantity not disclosed.
Alpha Compute (ALP US) — Completed a full wind-down of its digital asset treasury on July 10, 2026, returning the final tranche of ~$6M in TON/GRAM holdings to Animoca Brands affiliates. No longer holds any digital assets.
AEG (AEG LN) — Fully liquidated its entire digital asset holdings post year-end, realizing approximately £97,945, converting proceeds back to working capital.
MAIA Biotechnology (MAIA US) — Digital asset treasury strategy placed on hold due to cryptocurrency volatility; holds approximately $0 in digital assets as of March 23, 2026.
🟠 Partial / Ongoing / Forced Sales
MARA Holdings (MARA US) — Sold approximately 15,133 BTC (~$1.1B) in March 2026 to repurchase over $1B of face value of its Senior Convertible Notes and reduce its line of credit by $200M. MARA has formally expanded its digital asset management strategy to allow for the sale of Bitcoin held on its balance sheet — not just current production — to enhance financial flexibility and fund capital projects.
Empery Digital (EMPD US) — Has been systematically selling Bitcoin since at least March 2026, reportedly selling nearly half of its BTC holdings for approximately $87M as of July 10, 2026, to fund a $200M share repurchase program and repay a term loan. Disclosed weekly tranches include:
Strategy / MicroStrategy (MSTR US) — Sold 32 BTC (~$2.5M) between May 26–31, 2026 to fund preferred stock distributions. The board authorized a BTC Monetization Program of up to $1.25B to generate USD reserves, with a minimum USD reserve policy of at least 12 months coverage. Between June 29–July 5, 2026, sold a further 3,588 BTC (~$135.2M), bringing total sales to approximately 3,620 BTC (~$137.7M combined).
Michael Saylor stated at BTC Prague: "I never said the company wouldn't sell its Bitcoin."
Nakamoto Inc. (NAKA US) — Sold approximately 284 BTC for $20M in March 2026, with proceeds used for working capital and to fund operations following its acquisitions of BTC Inc. and UTXO Management. Additionally sold ~40 BTC received as premium income from its derivatives program. As of December 31, 2025, approximately 3,717 of its 5,342 BTC were pledged as collateral for a Kraken loan maturing December 4, 2026 — a potential binary event.
Smarter Web Company (SWC LN) — Sold 178 BTC on July 23, 2026 at an average price of $65,762 (~$11.7M) to repay its "Smarter Convert" convertible instrument to the TOBAM Group ahead of maturity.
Cango Inc. (CANG US) — Completed a Bitcoin sale in February 2026 to strengthen its financial position and advance an AI transformation strategy. Exact amount not disclosed.
DIGI (DIGI CN) — Sold its entire 118,000 XRP position and pivoted its digital asset strategy to Bitcoin accumulation, holding 10.88 BTC as of February 28, 2026.
🟢 Strategy Shifts (Reduced Accumulation / Active Management)
Exodus Movement (EXOD US) — Has been materially reducing its ETH holdings: from 2,742 ETH (July 2025) to 1,840 ETH (February 2026) to 1,433 ETH (May 2026).
MPU Capital (MPU US) — Shifted primary treasury emphasis away from BTC/ETH to stablecoin governance tokens in August 2025; may continue to buy, hold, or sell BTC and ETH.
ZeroStar (ZSTK US) — Treasury policy explicitly contemplates periodically selling cryptocurrency for general corporate purposes.
DigitalX (DCC AU) — Moved away from pure accumulation to actively managing Bitcoin holdings within a disciplined capital allocation framework.
