Publicly listed Bitcoin mining companies have sold more than 15,000 BTC since October as tightening margins and industry deleveraging push miners to reduce reserves.
The sales followed the market peak in October, when a flash crash triggered a reset across the mining sector and forced companies to rethink their strategy of holding self-mined Bitcoin.
According to TheEnergyMag’s Miner Weekly newsletter, major miners including Cango, Bitdeer, Riot Platforms and Core Scientific contributed to the sell-off.
Cango sold 4,451 BTC in February, representing roughly 60% of its reserves, while Bitdeer reportedly liquidated its entire Bitcoin treasury last month.
Riot Platforms also conducted multiple Bitcoin sales in December, and Core Scientific plans to sell about 2,500 BTC during the first quarter.
MARA Holdings, the largest publicly traded Bitcoin mining company, recently said regulatory filings allow it to both buy and sell Bitcoin as needed, though the company clarified the move does not signal a major liquidation.
The miner currently holds more than 53,000 BTC, making it the second-largest corporate Bitcoin holder behind Michael Saylor’s Strategy.