German Corporate Bitcoin Treasury Firms Begin Large-Scale Sell‑offs

Several publicly listed German companies that adopted the Digital Asset Treasury (DAT) model are reducing or liquidating their Bitcoin reserves as financial obligations tighten. Strategy, which holds over 800,000 BTC, faced pressure from $6.7 bn of convertible bonds, $15.5 bn of preferred stock and cash‑reserve needs, leading it to sell 32 BTC for about $2.5 m in May. Bitdeer emptied its Bitcoin stash earlier in the year to fund a shift toward AI‑data‑center infrastructure. Satsuma Technology shareholders approved the liquidation of all 668 BTC and a delisting from the London Stock Exchange. The broader trend reflects that corporate Bitcoin holdings, often pledged as collateral or earmarked for dividend payments, become forced‑sale assets when market prices fall and debt covenants tighten, potentially adding up to 192,800 BTC to the market in coming years.

Analysts note that the pressure on the DAT model underscores the risk that corporate crypto treasuries face when cryptocurrency prices swing sharply, turning reserve assets into liquidity tools under stress.