Publicly traded Bitcoin miners have been trimming large portions of their on‑balance‑sheet BTC since October, abandoning the “treasury” strategy that dominated the 2024–2025 upcycle. Miner Weekly, cited in TheEnergyMag’s newsletter, reports that listed miners have sold more than 15,000 BTC since October — the month the market peaked before a flash crash set off broad deleveraging.
Notable moves include Cango, which reportedly disposed of about 4,451 BTC in February, roughly 60% of its stash, and Bitdeer, which is said to have liquidated its entire Bitcoin treasury last month. Riot Platforms made several BTC sales in December, and Core Scientific disclosed plans to sell roughly 2,500 BTC in the first quarter. Miner Weekly’s compiled figures indicate these sales accelerated after October.
MARA Holdings drew particular attention after a regulatory filing noted the company may buy or sell BTC to maintain flexibility. Markets initially read the filing as a potential signal of large-scale sales, prompting Vice President Robert Samuels to clarify that the filing merely permits flexible transactions and does not signal intent to liquidate most of the treasury. MARA still holds more than 53,000 BTC, making it the second-largest public corporate holder behind Michael Saylor’s Strategy.
The recent wave of selling contrasts with the prior cycle, when many miners kept a substantial share of mined coins on their books. Research from Digital Mining Solutions and BitcoinMiningStock.io linked that holding pattern to expectations of further price gains and to miners’ diversification into AI infrastructure, high-performance computing and data-center services while shoring up finances.
Since October, however, conditions for miners have deteriorated. Analysts and industry observers say miners are enduring one of the harshest margin squeezes on record, prompting defensive balance-sheet moves. For example, CleanSpark repaid its Bitcoin‑backed credit line in full to reduce financial risk as margins tightened.
The shift away from large BTC treasuries reflects the sector’s need for liquidity and risk management amid volatile prices and rising costs. Cointelegraph produces this reporting according to its editorial standards; readers are encouraged to verify details independently and consult the outlet’s Editorial Policy for more information.