Bitcoin miners offload 15K BTC since October, with more sales expected

Bitcoin mining companies person offloaded a sizable information of their Bitcoin reserves successful caller months, signaling a displacement distant from the self-treasury strategy that dominated the manufacture during the 2024–2025 marketplace upcycle.

According to TheEnergyMag’s Miner Weekly newsletter, publically listed miners person sold much than 15,000 Bitcoin (BTC) since October. That period marked the market’s highest earlier a historical flash clang triggered wide deleveraging crossed the industry.

Several ample miners contributed to the sell-off. The newsletter highlighted Cango’s February sale of 4,451 BTC, adjacent to astir 60% of its reserves, arsenic good arsenic Bitdeer, which reportedly liquidated its full Bitcoin treasury past month. 

It besides pointed to Riot Platforms’ aggregate BTC income successful December and Core Scientific’s plan to merchantability astir 2,500 BTC during the archetypal quarter.

Data compiled by TheEnergyMag suggests miners’ treasury income person accelerated since October. Source: Miner Weekly

MARA Holdings, the largest publically traded Bitcoin mining company, drew attraction this week aft updated regulatory filings indicated it whitethorn some bargain and merchantability Bitcoin to support flexibility and optionality.

Markets initially focused connected the imaginable for sales, prompting vice president Robert Samuels to clarify the company’s position that the filing allows flexible income but does not awesome a bulk liquidation.

MARA presently holds much than 53,000 BTC, making it the second-largest nationalist firm holder of Bitcoin, down Michael Saylor’s Strategy.

Related: Bitcoin mining’s 2026 reckoning: AI pivots, borderline unit and a combat to survive

Mining companies displacement strategy arsenic margins tighten

Bitcoin miners’ caller income people a crisp departure from earlier rhythm trends, erstwhile galore companies adopted a de facto “treasury strategy” by holding a larger stock of their self-mined BTC connected their equilibrium sheets.

At the time, probe from Digital Mining Solutions and BitcoinMiningStock.io suggested the holding signifier reflected expectations of further terms appreciation. It besides coincided with efforts by respective miners to fortify their fiscal footing portion expanding into adjacent businesses specified arsenic AI infrastructure, high-performance computing and information halfway services.

Industry conditions person deteriorated since October, however, with immoderate observers describing the existent situation arsenic the harshest borderline squeeze connected grounds for mining companies.

The unit has begun to amusement connected equilibrium sheets. CleanSpark, for example, repaid its Bitcoin-backed recognition line successful full, a determination the institution said was aimed astatine reducing fiscal hazard amid tightening manufacture margins.

Related: American Bitcoin boosts hashrate with 11,298 caller mining machines