Bitcoin Miners Start Unwinding BTC Treasuries as Industry Strains
Publicly listed Bitcoin miners have sold over 15,000 BTC since October due to tightening industry margins and a shift from previous holding strategies.Summary
Publicly listed Bitcoin mining companies have sold more than 15,000 Bitcoin (BTC) since October, signaling a move away from the treasury strategy that characterized the 2024–2025 market upcycle. This sell-off included significant sales from miners like Cango, which sold 60% of its reserves, and Bitdeer, which liquidated its entire treasury. The trend is driven by deteriorating industry conditions, described as the harshest margin squeeze on record, forcing miners to reduce financial risk. This contrasts sharply with earlier trends where miners held onto self-mined BTC expecting further price appreciation while expanding into areas like AI infrastructure. MARA Holdings, a major miner, clarified that recent filings allowing flexible sales do not signal a majority liquidation, despite holding over 53,000 BTC.
(Source：Cointelegraph)