The Quiet Reversal: Small-Cap Companies Are Already Abandoning Their Crypto Treasuries

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• iPower adopted a digital-asset-treasury strategy in June 2025 but sold its entire ether and sUSDai holdings by August 2026, keeping only a small bitcoin position
• SkyAI commenced a tender offer that it says will leave it holding zero Solana once completed, effectively winding down its crypto treasury entirely
• Both companies cite a pivot toward artificial intelligence infrastructure as a more compelling priority than continuing their original digital-asset accumulation plans

While much of the attention on publicly traded companies holding cryptocurrency treasuries has focused on large, well-capitalized names steadily accumulating more bitcoin or ether, a quieter and less examined trend has also been playing out among smaller companies: some are already reversing course on digital-asset-treasury strategies they adopted barely a year or two earlier, often in favor of pivoting toward artificial intelligence infrastructure instead.

iPower’s own SEC filings lay out one clear example. The company adopted what it called a digital-asset-treasury strategy in June 2025, and began actual purchases that December, buying small amounts of bitcoin and ether. Less than eight months later, on August 14, 2026, iPower sold its entire holdings of both sUSDai, a yield-bearing token it had acquired mid-2026, and ether outright, keeping only a modest bitcoin position of roughly 15 coins. The company’s own S-1 filing states plainly that management now prioritizes acquiring, financing and leasing AI infrastructure equipment over passive digital-asset accumulation, with no automatic purchase program or minimum treasury commitment binding it to the original strategy going forward.

SkyAI’s reversal is even more complete. The company commenced a cash tender offer at a 65 percent premium to its prior closing price, structured in a way that the company itself says will leave it holding zero Solana once the offer fully completes, effectively unwinding its entire crypto treasury position as part of returning cash and value to shareholders and warrant holders. SkyAI still describes its underlying business as building stablecoin infrastructure on Solana, but the tender offer itself represents a full step back from actually holding the token as a treasury asset.

Both companies frame their pivots around the same broader justification: artificial intelligence infrastructure, whether through equipment leasing, financing, or hosting, as a more compelling opportunity than continuing to hold a volatile digital asset passively on the balance sheet. That reasoning mirrors, in miniature, the same AI-infrastructure enthusiasm driving much larger moves elsewhere in the market, including bitcoin miners redirecting power infrastructure toward AI data centers, suggesting the pull toward AI-related business models has become strong enough to reshape strategy even at companies that had only recently committed publicly to a crypto-treasury identity.

These reversals stand in contrast to the much larger, more publicized bitcoin treasury companies like Strategy, Strive, and Capital B, which have continued raising fresh capital specifically to grow their treasuries rather than wind them down, a reminder that the “bitcoin treasury company” label covers a wide range of commitment levels, from firms whose entire identity and capital structure now revolves around the strategy, to smaller companies for whom it may have always been a more tentative, reversible bet. The S-1, filed with the SEC, details iPower’s specific holdings and the timeline of its retreat from the original strategy.