Bitcoin miners unwind treasuries as margins tighten

Publicly listed Bitcoin miners have sold more than 15,000 BTC since October, marking a shift away from the self-treasury strategy that prevailed during the 2024–2025 upcycle. October had been the market peak before a historic flash crash that triggered widespread deleveraging.

Large disposals included Cango’s February sale of 4,451 BTC (about 60% of its reserves), Bitdeer’s liquidation of its entire treasury last month, Riot Platforms’ multiple sales in December, and Core Scientific’s plan to sell roughly 2,500 BTC in the first quarter.

MARA drew attention after updated regulatory filings indicated the company may both buy and sell Bitcoin to retain flexibility and optionality. Markets initially focused on the potential for sales, prompting vice president Robert Samuels to stress the filing allows flexible sales but does not signal a majority liquidation.

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