Bitcoin Miners Unload 15,000+ BTC After Market Peak and Flash Crash - Crypto Economy

TL;DR:

• Public bitcoin miners sold over 15,000 BTC since October’s peak and flash crash, shifting from holding coins to liquidity-focused treasury management.
• Cango sold 4,451 BTC, Bitdeer exited fully, Riot sold in December, and Core Scientific plans 2,500 BTC sales in Q1.
• MARA says filings allow flexibility, while margin squeeze and CleanSpark repaying a BTC-backed credit line signal sector de-risking; operating costs stay high.

Publicly traded bitcoin miners have begun trimming treasuries after the market’s October peak and a flash crash, unloading more than 15,000 BTC, according to data from TheEnergyMag’s Miner Weekly newsletter. The sales signal a liquidity-first pivot across mining balance sheets as profitability tightens and operating costs stay elevated. Instead of treating mined BTC as a long-duration asset, several firms are converting inventory to cash to manage runway and funding needs. The shift follows a period in 2024-2025 when many miners chose to hold production for continued price appreciation.

Miner Treasury Deleveraging Becomes the New Baseline

Cango led the most visible drawdown in February, selling 4,451 BTC, roughly 60% of its reserves, one of the largest reductions this year. Other miners moved even faster. Bitdeer reportedly liquidated its entire bitcoin treasury, while Riot Platforms executed multiple sales during December. Looking forward, Core Scientific has signaled plans to sell about 2,500 BTC in Q1, extending the supply overhang into the next quarter. Across these actions, treasury strategy is shifting from accumulation to cash management, prioritizing flexibility as margins compress and capital costs rise. Analysts expect additional disposals in coming months.


Attention also turned to MARA Holdings, the largest publicly traded bitcoin miner, after regulatory filings suggested it could buy or sell BTC depending on market conditions. Vice president Robert Samuels later clarified that the language provides operating flexibility, not a plan to unload most holdings. MARA currently holds nearly 54,000 BTC, making it the second-largest public corporate holder, behind Michael Saylor’s Strategy. In governance terms, optional selling authority is becoming standard treasury hygiene, giving boards room to respond to volatility without telegraphing intent or triggering market panic. That distinction matters for sentiment.

The sell-off marks a break from the 2024-2025 rally era, when miners often retained mined BTC to strengthen balance sheets and bet on prices. Many also expanded into AI infrastructure, high-performance computing, and data center services to diversify revenue. Since the October peak, weaker prices and operating costs have created what observers call one of the most severe margin squeezes miners have faced. Firms are responding by de-risking and freeing liquidity; CleanSpark recently repaid its bitcoin-backed credit line in full to reduce exposure. The sector’s playbook is being rewritten.