随着债务和现金压力的增加，比特币的“永久买家”开始抛售

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: The Bitcoin treasury narrative has been one of the market’s strongest structural bullish arguments. If corporate and sovereign holders behave like cyclical sellers rather than long-term accumulators, institutional adoption may amplify volatility instead of stabilizing it. 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 currency's fixed supply of 21 million coins. The problem is that a reserve asset only functions as advertised if the holder never needs the cash back. Related Reading Bitcoin treasury trade faces a new test after Nakamoto sold $20M at a loss The sale turns paper losses into a funding test as markets start sep