Bitcoin Firms Sell Reserves as DAT Model Collapses Under Bear Market

Par DCN Editorial Team
Publié le 25 July 2026

Analysis

Bitcoin Companies Sell Their Reserves: The DAT Model Crumbles Under Bear Market Pressure

The Bitcoin treasury model (Digital Asset Treasury, DAT), popularized by Strategy (formerly MicroStrategy), is in turmoil. Under the effect of a persistent bear market — BTC is hovering around $64,000 — several publicly traded companies that had accumulated bitcoins are massively selling their reserves to repay debt, finance operations, or pivot toward artificial intelligence. This heavy trend signals a shift in era for corporate crypto strategy.

The End of an Iconic Model

Strategy (MSTR) pioneered the approach in 2020 by converting its corporate treasury into Bitcoin, triggering a wave of imitators among listed companies. At its peak (October 2025, BTC at $126,000), the model seemed invincible: borrow at low rates, buy Bitcoin, watch market capitalization soar. But the market reversal changed everything.

Today, Strategy itself has sold approximately 3,620 BTC in recent weeks and authorized additional sales to support its U.S. dollar reserves, reports CoinDesk. Michael Saylor and his team have had to thoroughly overhaul the company’s Bitcoin metrics in the face of the persistent bear market.

Who Is Selling and Why?

The list of companies liquidating their bitcoins is long and varied:

• Satsuma: sold its bitcoins to repay debt and finance ongoing operations.
• Smarter Web Company: liquidated its positions to strengthen its cash reserves.
• Sequans Communications (SQNS): sold 1,025 BTC and then nearly 80% of its remaining holdings to repay its convertible debt. The company now rules out any further purchases and plans to focus on its core business.
• Nakamoto & Empery Digital: sold a significant portion of their holdings, with Empery Digital disposing of nearly half of its bitcoins to fund stock buybacks and debt repayment.

Nearly 70% of the remaining 5,342 BTC of Twenty One Capital have been pledged as collateral against a Kraken loan maturing in December, creating what Matthew Sigel of VanEck describes as a potential “binary event” for the company.

Miners Also Turn the Page

It’s not just “Bitcoin treasuries” that are selling. Crypto miners, historically reluctant to part with their BTC, are following a similar path. MARA Holdings and Bitdeer are selling their bitcoins to buy back debt and redeploy their energy infrastructure toward AI data centers.

This migration toward AI is not trivial: faced with declining mining rewards and pressure on margins, mining data centers offer a profitable alternative to lease computing power to artificial intelligence companies. This move could redefine the mining industry for years to come.

The Macroeconomic Context: A Vise That Tightens

This massive unwinding takes place in a difficult macroeconomic environment. Bitcoin is trying to hold above $65,000 while Brent oil flirts with $98 per barrel — its highest level since May — under the effect of ongoing tensions with Iran. Bond yields are at their highest since 2008, and the S&P 500 remains sluggish.

Paradoxically, the crypto market shows some resilience: despite this bearish macro context, BTC has only given up 0.2% over 24 hours, and ETH has gained 1.6%. Trading volumes have increased by 11% to reach $165 billion over 24 hours. A sign that the market is digesting these sales without panic.

The Options Market Tells Another Story

While companies sell, options traders themselves remain optimistic. A massive cluster of $5 billion in open interest has formed on Deribit at the $70,000 and $72,000 strikes, representing about 18% of the entire Bitcoin options market. Calls (bullish bets) far outnumber puts (bearish bets), reflecting persistent bullish sentiment despite the weakness in the spot price.

This concentration is partly linked to optimism around the CLARITY Act, a bill that could clarify the regulatory framework for cryptocurrencies in the United States. However, the odds of the text being adopted have dropped to 38% this week (from 51% on Monday), and some traders have started to unwind their positions, according to Jimmy Yang of Orbit Markets.

Will the DAT Survive?

The central question is whether the Bitcoin treasury model is structurally viable or whether it was merely a product of a bull market. Several factors suggest a...