Bitcoin mining companies have been selling significant portions of their on‑balance‑sheet BTC in recent months, marking a retreat from the “treasury” approach that prevailed during the 2024–2025 upcycle. Miner Weekly, in TheEnergyMag’s newsletter, reports that publicly traded miners have liquidated more than 15,000 BTC since October, the month when the market peaked before a flash crash prompted widespread deleveraging.
Large sellers include Cango, which in February reportedly sold 4,451 BTC — roughly 60% of its holdings — and Bitdeer, which is said to have liquidated its entire Bitcoin treasury last month. Riot Platforms conducted several BTC sales in December, and Core Scientific disclosed plans to sell about 2,500 BTC in the first quarter. Miner Weekly’s compiled data suggests these treasury sales have accelerated since October.
MARA Holdings drew attention after regulatory filings showed the company may buy or sell BTC to preserve flexibility. Markets initially read the filing as a potential signal of large-scale sales, prompting Vice President Robert Samuels to clarify that the filing permits flexible sales but does not indicate an intent to liquidate most of the treasury. MARA still holds over 53,000 BTC, making it the second‑largest public corporate holder behind Michael Saylor’s Strategy.
The recent selling contrasts with the prior cycle when many miners kept a substantial share of mined BTC on their books. Research from Digital Mining Solutions and BitcoinMiningStock.io tied that holding pattern to expectations of further price gains and to miners’ broader moves into AI infrastructure, high‑performance computing and data center services while shoring up finances.
Since October, however, industry conditions have worsened, with some observers calling the current period the harshest margin squeeze on record for miners. Margin pressure is prompting balance‑sheet moves: for example, CleanSpark repaid its Bitcoin‑backed credit line in full to lower financial risk amid tightening margins.
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