Bitcoin Miners Start Unwinding BTC Treasuries as Industry Strains

Bitcoin mining companies have offloaded a sizable portion of their Bitcoin reserves in recent months, signaling a shift away from the self-treasury strategy that dominated the industry during the 2024–2025 market upcycle.

According to TheEnergyMag’s Miner Weekly newsletter, publicly listed miners have sold more than 15,000 Bitcoin (BTC) since October. That month marked the market’s peak before a historic flash crash triggered widespread deleveraging across the industry.

Several large miners contributed to the sell-off. The newsletter highlighted Cango’s February sale of 4,451 BTC, equal to roughly 60% of its reserves, as well as Bitdeer, which reportedly liquidated its entire Bitcoin treasury last month. 

It also pointed to Riot Platforms’ multiple BTC sales in December and Core Scientific’s plan to sell roughly 2,500 BTC during the first quarter.

MARA Holdings, the largest publicly traded Bitcoin mining company, drew attention this week after updated regulatory filings indicated it may both buy and sell Bitcoin to maintain flexibility and optionality.

Markets initially focused on the potential for sales, prompting vice president Robert Samuels to clarify the company’s position that the filing allows flexible sales but does not signal a majority liquidation.

MARA currently holds more than 53,000 BTC, making it the second-largest public corporate holder of Bitcoin, behind Michael Saylor’s Strategy.

Related: Bitcoin mining’s 2026 reckoning: AI pivots, margin pressure and a fight to survive

Mining companies shift strategy as margins tighten

Bitcoin miners’ recent sales mark a sharp departure from earlier cycle trends, when many companies adopted a de facto “treasury strategy” by holding a larger share of their self-mined BTC on their balance sheets.

At the time, research from Digital Mining Solutions and BitcoinMiningStock.io suggested the holding pattern reflected expectations of further price appreciation. It also coincided with efforts by several miners to strengthen their financial footing while expanding into adjacent businesses such as AI infrastructure, high-performance computing and data center services.

Industry conditions have deteriorated since October, however, with some observers describing the current environment as the harshest margin squeeze on record for mining companies.

The pressure has begun to show on balance sheets. CleanSpark, for example, repaid its Bitcoin-backed credit line in full, a move the company said was aimed at reducing financial risk amid tightening industry margins.

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