Bitcoin mining companies have unloaded a significant portion of their Bitcoin reserves in recent months, marking a departure from their treasury strategy that dominated the market’s 2024-2025 growth period.
According to TheEnergyMag Miner Weekly, publicly listed miners have sold more than 15,000 Bitcoin (BTC) since October. That month marked the peak of the market before a historic crash caused widespread declines across the industry.
Several major miners contributed to the sale. The bulletin highlighted Cango’s February sale of 4,451 BTC, equivalent to nearly 60% of its reserves, as well as Bitdeer, which reportedly liquidated its entire Bitcoin hoard last month.
It also pointed to Riot Platforms’ multiple BTC sales in December and Core Scientific’s plan to sell around 2,500 BTC in the first quarter.
MARA Holdings, the largest publicly traded bitcoin mining company, revealed this week that it can both buy and sell Bitcoin to maintain flexibility and discretion after an updated regulatory filing.
Markets initially focused on the potential for a sale, prompting Vice President Robert Samuels to clarify the company’s position that its offering would allow for a flexible sale but would not indicate a majority liquidation.
MARA currently holds more than 53,000 BTC, making it the second largest public corporate holder of Bitcoin after Michael Saylor’s Strategy.
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Mining companies are changing strategy as margins tighten
The recent sell-off of Bitcoin miners represents a sharp departure from the trends of the previous period, when many companies actually adopted a “treasury strategy” by keeping a greater share of arbitrary BTC on their balance sheets.
At the time, research from Digital Mining Solutions and BitcoinMiningStock.io suggested that the holding pattern reflected expectations of further price growth. It also coincided with efforts by several miners to strengthen their financial base while expanding into adjacent businesses such as AI infrastructure, high-performance computing and data center services.
Industry conditions have worsened since October, but some observers describe the current environment as the tightest margin squeeze on record for mining companies.
The pressure on the balance sheets appeared. For example, CleanSpark has fully repaid a Bitcoin-backed credit line, a move the company says is aimed at reducing financial risk amid tightening industry margins.
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