Public companies sell Bitcoin in weekly net outflow

Public companies outside the Bitcoin mining sector became net sellers of Bitcoin over the past week, disposing of a combined $15.92 million worth of BTC through July 27, according to SoSoValue. The shift came as several treasury-focused companies used digital-asset holdings to repay debt, support operations, or restructure balance sheets after Bitcoin’s retreat from its October 2025 high near $126,000.

The companies tracked by SoSoValue held 1,139,480 BTC at the reporting cutoff, valued at roughly $74.16 billion. That represented 5.7% of Bitcoin’s circulating market value, although the group’s holdings declined by 0.02% from the previous week. The small percentage change masks a more consequential development: sellers included companies that had previously promoted Bitcoin accumulation as a central corporate strategy.

KULR Technology Group accounted for much of the reported selling. The company sold 333 BTC for approximately $21.50 million between July 9 and July 23, at an average price of $64,538 per coin, reducing its treasury to about 760 BTC. BitcoinTreasuries.NET said KULR used the proceeds to repay a $20 million credit facility in full.

That transaction illustrates how a corporate Bitcoin treasury can become a source of readily available liquidity when debt obligations come due. Bitcoin may remain on the balance sheet as a strategic asset, but debt repayment has a fixed timetable and can force sales regardless of the company’s longer-term view on the asset.

Treasury buyers slowed while financing activity continued

Some firms continued adding Bitcoin, though their purchases were modest compared with the scale of sales and financing activity.

Strive bought 79 BTC for $5.19 million, paying an average of $65,723 per Bitcoin and bringing its holdings to roughly 20,000 BTC. OrangeBTC acquired six BTC for $394,500 at an average price of $65,742, raising its total to 3,918 BTC.

Strategy, the largest corporate Bitcoin holder, reported no Bitcoin purchases during the week. The company instead sold about 5.43 million MSTR shares between July 20 and July 26, generating net proceeds of $544.5 million. It also spent $25 million repurchasing 288,930 shares of STRC preferred stock.

The absence of a Strategy purchase does not establish a change in its Bitcoin policy, but it leaves the weekly corporate flow more dependent on smaller buyers at a period when companies such as KULR are selling to address financing needs. Metaplanet also reported no Bitcoin purchases during the week.

Several other companies have disclosed sales or potential sales connected to balance-sheet actions. Satsuma sold 668 BTC, Smarter Web sold 178 BTC, and Sequans sold 1,025 BTC while outlining plans to sell about 658 BTC more, according to company filings and public disclosures cited in the supplied data. Nakamoto also sold about 284 BTC for roughly $20 million.

The stated reasons varied, including convertible-debt repayment, operating funding and other corporate financing requirements. The sales should not be treated as a single coordinated retreat from Bitcoin. They instead show the constraint built into debt-funded treasury strategies: a company can hold a volatile asset over the long term, but lenders, coupon payments and operating costs demand cash on schedule.

Equity leverage adds pressure to corporate funding decisions

Conditions in U.S. equity markets have also become more leveraged. FINRA’s monthly margin statistics for June showed broker-account net credit balances falling by about $70 billion from the previous month to negative $1.061 trillion, a record low. Margin debt rose by roughly $86 billion to a record $1.53 trillion, extending a three-month increase.

Net credit balances measure cash and credit positions against margin borrowing. A deeper negative figure alongside rising margin debt indicates that borrowing has expanded faster than cash balances in brokerage accounts.

Those figures do not demonstrate that companies are selling Bitcoin to meet equity-market margin calls. Public-company treasury decisions are generally driven by their own debt structures, liquidity needs and capital plans. Yet the combination of elevated leverage and a lower Bitcoin price leaves less room for companies that assumed their digital-asset reserves could remain untouched while markets were favorable.

Bitcoin was trading near half of its October 2025 peak around the July 27 reporting date, based on the price comparison provided in the data. That drawdown reduces the dollar value of BTC reserves and can make a debt-funded treasury strategy harder to manage, particularly for companies with convertible obligations or credit facilities secured by broader corporate assets.

Matthew Sigel, head of digital asset research at VanEck, separately identified Satsuma, Bitdeer, Prenetics, Genius Group, Vaultz Capital and MAIA Biotechnology as companies that had exited or fully sold Bitcoin or other digital-asset holdings during 2026. Their circumstances differ, but the list points to a more selective corporate market than the one that emerged during Bitcoin’s previous rally.

Metaplanet expands its financial infrastructure

While it did not report a new Bitcoin purchase, Metaplanet continued building financing infrastructure around digital assets. Its subsidiary, Bitcoin Japan, entered a convertible-bond financing agreement with EVO Fund to raise 9.66 billion yen, or about $59.50 million, for a crypto-asset treasury.

Metaplanet also acquired Siiibo Securities, a company holding a Type I financial instruments business license in Japan. Benchmark reported the transaction was worth about 2.1 billion yen, or roughly $13 million. The acquisition could allow Metaplanet to design and distribute securities domestically, including products connected to plans for Bitcoin-collateralized bonds offering annual yields of roughly 4% to 6%.

The move places Metaplanet’s strategy closer to financial-product development than simple spot Bitcoin accumulation. A licensed securities operation could give it more routes to raise capital, though it would also tie its crypto treasury plans more closely to the obligations and costs of regulated financial issuance.

Ethereum and Solana treasury activity remains uneven

Ethereum-focused corporate treasuries showed a different pattern. Bitmine Immersion Technologies reported adding 9,946 ETH during the week and repurchasing 6.10 million common shares. As of July 27, the company said it held 5.7874 million ETH, equal to about 4.8% of Ethereum’s total supply.

That concentration puts Bitmine among the largest known corporate Ethereum holders. Its share repurchase alongside ETH accumulation also suggests management is attempting to manage both crypto exposure and its public-equity capital structure rather than treating the treasury as an isolated investment.

Solana treasury activity was quieter. CoinGecko data showed Forward Industries as the only listed treasury company to add SOL during the previous 30 days, with a purchase of 500,000 SOL on June 30. Listed companies collectively held 7.55 million SOL valued at nearly $554 million, according to CoinGecko.

Empery Digital took a different route, disclosing a $20 million preferred-stock investment in AI data-center developer Cardinal Data Power. The investment gave Empery about an 8% stake after closing and formed part of Cardinal’s $70 million Series A round to develop an AI data-center campus in West Texas.

The week’s corporate activity shows treasury companies increasingly balancing digital-asset exposure against immediate financing needs. Firms with flexible capital structures can keep buying or build new products around Bitcoin and Ethereum; those facing debt maturities, credit facilities or operating demands may find their token reserves are among the fastest assets available to monetize.