Corporate Bitcoin Treasuries Are Getting More ComplicatedThe first corporate Bitcoin treasury narrative was easy: companies bought BTC and held it. Why The Sale MattersThe 1,635 BTC sale matters because it shows Bitcoin being used as an active balance-sheet asset rather than a permanent reserve. Investors following Bitcoin treasury companies should start separating total holdings from pledged, restricted, and freely deployable holdings. A More Mature Bitcoin Treasury MarketThis is what a maturing corporate Bitcoin market looks like. Empery Digital’s BTC sale shows Bitcoin moving from ideology into corporate treasury mechanics.