Bitcoin Treasury Companies Dump Holdings Amid Market Correction
The global Bitcoin treasury market saw significant changes in the past week, with companies selling off their BTC holdings and adjusting their strategies.
According to SoSoValue data, listed companies (excluding mining companies) collectively sold $15.92 million worth of Bitcoin last week, a 1,296.99% decrease from the previous week's sales.
KULR Technology, for example, sold 333 Bitcoins at $64,538 each to fully repay its $20 million Coinbase credit line, currently holding 760 BTC. Meanwhile, Strive spent $5.19 million to purchase 79 Bitcoins at $65,723 each, bringing its total holdings to approximately 20,000 Bitcoins.
Metaplanet's subsidiary Bitcoin Japan announced a convertible bond financing agreement with EVO Fund to raise 9.66 billion Japanese Yen (approximately $59.5 million) to establish a crypto asset treasury. The company plans to issue Bitcoin-backed bonds (Bitbonds) with an annual yield of approximately 4% to 6%, and subsequently migrate them on-chain, settling via stablecoins.
The recent price correction has forced many companies to reassess their Bitcoin accumulation strategies. Some have begun selling BTC, repaying debt, and even pivoting towards Artificial Intelligence (AI) data center operations. Strategy, the world's largest corporate Bitcoin holder, remains bullish but is considering selling some Bitcoin to pay dividends in the future.