Bitcoin firms dump holdings as treasury losses reach $30B – What’s next?

Bitcoin [BTC] has failed to keep up with the market expectations. During the institutional boom of 2024–2025, many firms accelerated aggressive Bitcoin accumulation.

By 2026, as market conditions turned unfavorable, some treasuries were forced to liquidate positions to fund operations.

KULR Technology Group dumps $24.36 million in BTC

With BTC struggling, KULR Technology Group has begun selling its holdings, most likely to cut losses. According to Arkham data, KULR Technology Group transferred 300 BTC, worth $24.36 million, to Coinbase Prime.

In December 2024, KULR announced it would allocate 90% of its surplus cash to Bitcoin. By July 2025, the company had built a reserve of 1,021 BTC worth $101 million, purchased at an average price of $98,923. 

Entering the market during the institutional boom, KULR benefited from favorable sentiment and a U.S. policy shift, with its stock soaring 10x to $43.92 after the reserve announcement.

Now, with BTC trading well below its average entry price, the company’s holdings have lost $18.25 million. 

The fading market frenzy has also hit its stock hard, which has dropped 74% year‑on‑year to $3.19, underscoring the struggles faced by public firms holding Bitcoin on their balance sheets.

Bitcoin public companies scale back amid rising losses

In addition to KULR Technology, Bitcoin treasury companies have either halted accumulation or sold holdings, driven by rising losses in the market.

In fact, the value of total holdings by Bitcoin treasuries has plummeted significantly, falling from $126 billion to $96 billion as of writing. Such a decline left these companies with $30 billion in unrealized losses. As a result, most of the Bitcoin companies have continued to offload.

For starters, the Riot platform has been on a selling spree lately. The miner recorded the largest weekly outflow since March 2025. Riot has continued to offload even as BTC shows signs of recovery, defying traditional market behavior. In 2026, RIOT sold 3,686 BTC, largely due to rising losses, incurring over $1.2 billion in losses since October.

Additionally, MARA saw its net loss surpass $1 billion in Q1 related to the fair value of digital assets. AMBCrypto reported that over 90% of losses were driven by the crypto market downturn.

The continued selling amid rising losses indicates pressure facing institutional investors. With these market players selling, BTC is left in a weaker position, creating an unending cycle of selling by large entities.

Final Summary

• KULR Technology Group transferred 300 BTC, worth $24.36 million, to Coinbase Prime, as losses hit $18 million
• Public companies holding BTC have recorded massive losses, with total value dropping $30 billion from the 2025 peak.