Fourteen publicly traded companies have sold or transferred approximately 108,247 bitcoins since January 2026, with an estimated value of $8.08 billion. According to data published by Lookonchain on November 10, MARA and Riot Platforms alone account for 56.2% of the total. Large bitcoin miners dominate this movement, while several companies use their reserves to repay debts and finance their development in artificial intelligence.
In brief
- Lookonchain lists 108,247 BTC, valued at $8.08 billion, sold or transferred by 14 listed companies.
- MARA comes first with 40,581 BTC, followed by Riot Platforms with 20,264 BTC.
- Some of the transactions recorded correspond to transfer estimates or deliveries linked to options.
MARA and Riot dominate bitcoin sales in 2026
Listed companies are massively mobilizing their bitcoin reserves. According to Lookonchain, fourteen companies have recorded sales or movements estimated at $8.08 billion since the start of the year.
The phenomenon notably accompanies the shift of bitcoin miners towards artificial intelligence, with several groups seeking new sources of financing. MARA Holdings occupies the first place by a wide margin. The American miner sold 40,581 BTC for around $3.03 billion, at an average price close to $74,446.
Riot Platforms follows with 20,264 BTC, worth approximately $1.51 billion. Its average selling price reaches $73,231. The two companies have a total of 60,845 BTC. Bitdeer comes third with 10,553 BTC, valued at $787 million. Cango follows with 7,001 BTC, or approximately 522 million, ahead of CleanSpark and its 5,715 BTC, valued at 426 million.
These five companies concentrate 84,114 BTC, almost 78% of the total recorded. Other companies appearing in the ranking: Core Scientific with 3,374 BTC, Empery Digital with 3,170, Keel/Bitfarms with 3,169 and Hut 8 with 3,102.
HIVE Digital, IREN, Cipher Digital, Sequans and KULR complete the list. However, be careful with the numbers. Lookonchain includes estimates of on-chain releases, notably at Bitdeer. At CleanSpark, 3,654 BTC correspond to deliveries linked to options or trading strategies. All of these transactions therefore do not constitute confirmed cash sales.
Why MARA sold over 40,000 BTC
MARA’s latest financial results help us understand part of these disposals. In his report published on November 9, the company confirms that it sold 26,984 BTC between January and September, generating approximately $1.9 billion.
After September, it sold an additional 13,597 BTC, at an average price of around $81,039. This last operation brought him 1.1 billion dollars. MARA used 750 million to fully repay loans secured by bitcoin. The reimbursement freed up 17,477 BTC previously tied up as collateral.
The company has reduced its debt by $1.4 billion since January, or 37% of its initial debt. Riot is pursuing a comparable strategy. The group sold 20,264 BTC during the first nine months of the year, mainly to finance the development of its data centers.
This transformation is based in particular on its electrical infrastructure. In August, Riot had already signed a $9.1 billion contract to provide computing capabilities to an AI laboratory. Its quarterly report also indicates the repayment of a $200 million credit line with Coinbase. As of September 30, Riot only held 2,418 BTC. The contrast with MARA remains important. The latter still had 34,012 BTC on the same date, before its new sales in October.
Listed Companies Change Their Bitcoin Strategy
For several years, certain miners favored the accumulation of the bitcoins produced. Reserves were a way to profit from a possible rise in BTC. In 2026, several groups are adopting a more flexible approach. They sell part of their production and mobilize their reserves to finance investments or reduce their debt.
At MARA, the official strategy now provides for the possibility of selling bitcoins already held on the balance sheet, and no longer only those resulting from mining. The company also plans to use its resources to develop AI infrastructure, finance new projects and possibly buy back its own shares.
Riot is also focusing its efforts on data centers. However, Lookonchain’s figures do not make it possible to directly assess the current selling pressure on the market. The 108,247 BTC correspond to operations carried out or estimated over several months.
The data also does not prove that all listed companies are abandoning bitcoin. Many continue to hold significant quantities. The change mainly concerns the use of their reserves.
This development joins a transformation already observed in the sector, where the shares of Bitcoin miners benefit from their increasing exposure to artificial intelligence. For MARA and Riot, the accumulated bitcoins also become a source of financing. Their next financial publications will allow us to see if sales continue at the same pace.
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