USDBitcoin Treasury Firms Unwind Holdings as Losses, Debt and Capital Limits Bite
Public holders reduce BTC positions as debt pressure and weak prices weigh
TL;DR
- Bitcoin treasury selling accelerated through Q1 2026 and early April as public companies, miners and Bhutan reduced holdings.
- Riot sold 3,778 BTC for $289.5 million in Q1, while Empery Digital, Genius Group and Bhutan also cut positions.
- Bitcoin traded near $66,500 after falling more than 2% since midnight UTC, with public treasury firms still holding about 1,164,800 BTC.
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Bitcoin treasury selling accelerated through Q1 2026 and into early April as public companies, bitcoin miners and the Bhutan government cut holdings, repaid debt, released collateral and raised cash while bitcoin traded around $66,500 and remained under pressure.
Nakamoto sold 284 BTC for $20 million on April 1, 2026 at a loss. Analyst Nic Puckrin warned of potential “DAT contagion” across crypto treasury firms as treasury-heavy companies came under strain. Reports also said broader pressure included $166.2 million in crypto-related losses across firms, while Nakamoto’s revenue rose 171% to $3.3 million and gross profit increased 228% to $2.0 million. CEO Roger Hamilton said the liquidation was temporary and that the company planned to rebuild its BTC reserves when conditions improved.
Riot, Empery, Genius and Bhutan cut holdings
Riot Platforms sold 3,778 BTC during Q1 2026 for $289.5 million at an average price of $76,626 per bitcoin. The company held 15,680 BTC, valued at about $1.1 billion, at the end of the quarter, including 5,802 BTC pledged as collateral. Riot also mined 1,473 BTC in the quarter, down 4% from 1,530 BTC a year earlier. The company’s deployed hashrate reached 42.5 EH/s, up 26%, while its average operating hashrate rose 23% to 36.4 EH/s.
Riot also sold $200 million worth of bitcoin in the final two months of 2025 and later moved 500 BTC worth about $34.13 million in a transaction that was described as likely related to further selling. Riot’s peak holdings were reported at more than 19,000 BTC, and another part of the context said the company now held roughly 17,500 BTC. The company did not explain the specific reason for the Q1 sale.
Empery Digital sold 370 BTC at an average price of $66,632, generating $24.7 million and leaving the company with 2,989 BTC. The proceeds were used in part to fully repay the company’s outstanding term loan and release about 1,800 BTC that had been posted as collateral. Empery Digital began building its bitcoin treasury in July 2025, reached a peak position of roughly 4,000 BTC and saw its shares fall 75% from their 2025 all-time high of $15.80.
Genius Group, described in the context as an AI-powered, bitcoin-focused education company, completely sold off its bitcoin treasury after previously holding as much as 440 BTC. The company recently liquidated its last remaining 84 BTC to repay $8.5 million in debt. Genius Group said it would resume building its bitcoin treasury when it believed market conditions were more favorable.
Bhutan also continued reducing its holdings, with reports saying the government had sold a total of 3,103 BTC. A single transaction on March 30 was said to have liquidated 375 BTC. Bhutan built its holdings through state-backed mining operations and had reached a peak position of more than 13,000 BTC in October 2024.
Public company holdings shrink as bitcoin price weakens
More than 15,000 BTC were sold by public miners in Q1 2026, marking a reversal after years of accumulation. Public company bitcoin holdings fell from 1.07 million BTC to 1.06 million BTC in one week, a decline of about 10,000 BTC, or roughly 1%.
Bitcoin traded near $66,000 and was also facing rejection at $69,000 before falling nearly 3% to about $66,000 after treasury-related selling by Riot and Empery Digital. Public bitcoin treasury companies still held around 1,164,800 BTC, equal to more than 5% of the total supply cap of 21 million BTC.
FAQ
Why did Empery Digital sell bitcoin?
To repay its term loan and release bitcoin that had been posted as collateral.
How much bitcoin did Riot sell in Q1 2026?
Riot sold 3,778 BTC during the quarter.
Did Genius Group exit its bitcoin treasury entirely?
Yes, it sold its last remaining 84 BTC.
How much bitcoin do public treasury companies still hold?
About 1,164,800 BTC, according to the context.
This article has been refined and enhanced by ChatGPT.
