The great sell-off: Why companies are dumping Bitcoin

​In recent months, publicly traded companies have sold billions of dollars worth of Bitcoin, even though some previously favored accumulating the cryptocurrency. Different financial circumstances are driving these transactions, but to what extent do they reflect a change in how businesses view the asset itself?

According to Lookonchain estimates, transactions involving 14 publicly traded companies have totaled 108,247 BTC, worth approximately $8.08 billion, since the beginning of 2026. More than half of that volume came from U.S. Bitcoin miners MARA Holdings and Riot Platforms.

However, these figures combine different types of transactions. Selling newly mined coins, reducing accumulated reserves and transferring funds between wallets have different economic implications.

Therefore, large transaction volumes do not necessarily indicate that businesses are abandoning the world's largest cryptocurrency on a massive scale.

Who is selling Bitcoin, and how large are the volumes?

MARA Holdings tops Lookonchain's list with 40,581 BTC, followed by Riot Platforms with 20,264 BTC. The top five also include Bitdeer with 10,553 BTC, Cango with 7,001 BTC and CleanSpark with 5,715 BTC.

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The scale of MARA's transactions is confirmed by its financial statements. During the first nine months of 2026, the company sold 26,984 BTC for approximately $1.9 billion, followed by another 13,597 BTC worth $1.1 billion after the third quarter ended.

For the miner, this represents a significant shift in its approach to reserves. MARA previously focused on accumulating cryptocurrency but now allows sales of both newly mined coins and previously accumulated holdings. At the end of September, the company held 34,012 BTC.

Riot adopted an even more aggressive selling strategy. During the first nine months, it sold 20,264 BTC for approximately $1.5 billion. By the end of September, its reserves stood at 2,418 BTC despite continued mining operations.

However, figures for other companies in the ranking require caution. Bitdeer's estimates are partly based on transfers between wallets, while CleanSpark's figures include transactions involving financial derivatives.

Consequently, the $8.08 billion figure represents an estimate of total transaction volume rather than a confirmed amount of open-market sales. To understand the trend, it is more important to examine how companies' reserves are changing and how they use the proceeds.

Why miners are exchanging Bitcoin for cash and data centers

Bitcoin mining requires continuous investment in electricity, equipment and infrastructure. Following the 2024 halving, the block reward fell to 3.125 BTC, while major operating expenses remained. As a result, declining cryptocurrency prices increase financial pressure on mining companies.

For example, Riot's mining revenue fell from $160.8 million to $116 million year over year in the third quarter of 2026, even though the number of coins mined increased. The main reason was a decline in Bitcoin's average price, while the company managed to reduce the cash cost of mining each coin.

Debt obligations provided an additional incentive for MARA. In August, the company secured $750 million in BTC-backed loans. Of that amount, $600 million represented new borrowing, while $150 million refinanced an existing loan.

After the quarter ended, the miner sold part of its reserves and fully repaid these obligations. As a result, 17,477 BTC were released from collateral. The company reduced its dependence on cryptocurrency-backed loans and gained greater flexibility in managing its assets.

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However, the most significant change is linked to the development of artificial intelligence. Miners already have land, access to high-capacity power grids and experience operating large computing facilities. These resources are in demand among data center operators.

Riot provides a notable example. The company announced a 15-year lease agreement for its Corsicana site in Texas, covering 910 MW of capacity. The agreement's potential value over its initial term is estimated at approximately $28 billion.

The project is expected to require around $5.5 billion in expenditures. Riot will allocate part of the funds to site preparation and energy infrastructure, with the remainder designated for phased payments to the tenant.

The company plans to use project financing, while the agreement provides an alternative payment arrangement if such financing is unavailable. Capacity is scheduled to come online in 2027–2028.

According to Riot, the company intends to generate long-term infrastructure payments rather than depend exclusively on cryptocurrency mining. It has already announced plans to sell virtually all newly mined BTC and avoid building substantial reserves in the near future.

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Bitdeer is pursuing a similar direction by expanding its AI cloud computing services.

Overall, this shift gives miners additional revenue opportunities but requires substantial investment. The profitability of new facilities depends on construction timelines, demand for computing capacity and the execution of long-term contracts.

Unlike Bitcoin, infrastructure investments cannot be quickly converted back into cash.

Is corporate Bitcoin accumulation coming to an end?

Bitcoin sales by miners increase the cryptocurrency's supply, but their impact on prices cannot be assessed solely by total volume. Transactions are spread over time, some take place outside exchanges, and certain operations included in analytical datasets do not confirm that cryptocurrency was actually sold.

Moreover, publicly traded companies use BTC in different ways. For miners, newly mined coins are a source of revenue needed to operate their businesses. For companies that deliberately purchase Bitcoin for their balance sheets, the cryptocurrency serves as a long-term financial asset.

For example, Strategy continues to increase its reserves. According to an SEC filing, the company purchased another 1,036 BTC for approximately $81.9 million between November 2 and 8. As of November 8, its holdings had reached 850,364 BTC.

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Japan's Metaplanet is also maintaining its accumulation strategy. According to the company's disclosures, it held 44,000 BTC at the end of September, compared with 35,102 BTC at the end of 2025.

The corporate market is therefore moving in different directions. Some companies sell Bitcoin to finance their operations, while others raise capital to fund additional purchases. Both strategies depend on financial conditions but rely on different sources of future income.

Companies accumulating BTC also face risks. Their ability to purchase additional coins depends on access to capital, debt servicing costs and investor sentiment toward their shares. A prolonged decline in Bitcoin's price could make raising funds and meeting obligations more difficult.

At the same time, selling newly mined Bitcoin to cover operating expenses is not equivalent to liquidating previously accumulated reserves. In the latter case, the decision may indicate a more fundamental reassessment of financial strategy, particularly if the proceeds are used to repay debt or develop another business.

For some publicly traded miners, accumulating BTC is no longer an unconditional priority. Reducing liabilities and investing in AI infrastructure is becoming more attractive than maintaining the largest possible Bitcoin holdings. However, this does not mean the entire corporate sector is moving toward abandoning Bitcoin.

The main uncertainty concerns the performance of these new projects. Miners are exchanging liquid assets for long-term investments whose returns have yet to be demonstrated. If data centers generate stable cash flows, Bitcoin sales could become part of a new business model rather than a temporary response to a market downturn.