20 Public Companies Abandon Bitcoin Treasury Strategies Amid Debt Concerns
At least 20 public companies have abandoned or scaled back their Bitcoin treasury strategies in recent months, according to VanEck research head Matthew Sigel. This includes nine firms that have fully exited their crypto accumulation strategies, seven partial or forced sellers, and four that have moved toward more active management.
Sigel noted that debt and weak share prices have turned corporate holdings into a source of cash for these companies. Firms are selling their Bitcoin (BTC) holdings to pay off debt or repurchase convertible notes, rather than accumulating more crypto.
Prenetics, a consumer-health company, sold its entire 510 BTC position for about $41 million in March. Sequans Communications, a French semiconductor company, has also ended its Bitcoin treasury strategy by selling most of its BTC to repay convertible debt.