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Bitcoin has failed to meet market expectations. After an institutional accumulation push in 2024–2025, some corporate treasuries were later forced to liquidate holdings as conditions deteriorated.
KULR Technology Group has started selling its Bitcoin holdings, likely to reduce losses. According to Arkham data, the company transferred 300 BTC, valued at $24.36 million, to Coinbase Prime.
In December 2024, KULR said it would allocate 90% of its surplus cash to Bitcoin. By July 2025, it had built a reserve of 1,021 BTC worth $101 million, purchased at an average price of $98,923.
With BTC trading below KULR’s average entry price, the company’s holdings have lost $18.25 million. The decline has also weighed on its stock, which has fallen 74% year-on-year to $3.19 since the reserve announcement period.
KULR is not alone. Other Bitcoin treasury companies have either paused accumulation or sold holdings as losses increased.
The total value of holdings by Bitcoin treasuries has dropped from $126 billion to $96 billion as of writing, leaving these companies with $30 billion in unrealized losses. As a result, many continue to offload BTC.
Riot has been selling aggressively, recording the largest weekly outflow since March 2025. The company continued to reduce holdings even as BTC showed signs of recovery. In 2026, RIOT sold 3,686 BTC, largely attributed to rising losses, incurring over $1.2 billion in losses since October.
Marathon (MARA) also reported losses, with its net loss surpassing $1 billion in Q1 tied to the fair value of digital assets. AMBCrypto reported that more than 90% of these losses were driven by the crypto market downturn.
The ongoing selling by public companies holding Bitcoin suggests pressure on institutional investors. With large holders reducing exposure, BTC faces weaker support, potentially reinforcing a cycle of continued liquidation by major balance-sheet holders.
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