تواجه تجارة خزينة البيتكوين اختبار إجهاد حيث يؤدي ضغط الديون إلى البيع

The Bitcoin treasury trade is starting to look less permanent than advertised. A growing number of corporate and sovereign holders are selling BTC to raise cash, repay debt, or fund real-world spending, exposing how quickly “strategic reserves” can turn back into liquid inventory. In July 2025, Genius Group announced it was targeting a Bitcoin treasury of 10,000 BTC, framing it as a statement of deep strategic conviction. This week, however, the company sold its last 84 BTC to pay off $8.5 million in debt and declared its treasury empty. The 18-month gap between those two moments is a perfect example of what's happening to the Bitcoin treasury trade right now . Why this matters: Bitcoin’s treasury story helped sell the market on a new class of long-term buyers. If those holders become sellers when financing tightens, that demand stops looking structural and starts looking cyclical, which matters for price stability, volatility, and how investors read institutional adoption. Public companies, including Empery , Genius Group, and Riot , have all sold Bitcoin this week, citing debt repayment, liquidity needs, or strategic pivots into AI and high-performance computing, while sovereign selling accelerates with Bhutan offloading more holdings. Taken individually, each of these is an easily explainable non-event. But taken together, they expose a structural problem with a trade built on the promise of permanence: for a growing number of holders, Bitcoin is now the first asset they sell when the bills arrive. The treasury trade rests on a simple pitch. Starting around 2020 and accelerating through 2024, publicly traded companies began buying Bitcoin with corporate cash or borrowed money and presenting it to investors as a reserve asset superior to inflation-eroded cash. A few high-profile early movers delivered spectacular returns, and the strategy spread. Public companies now hold roughly 1.165 million bitcoin worth approximately $77 billion, more than five percent of the