Publicly listed Bitcoin mining companies have sold over 15,000 BTC since October of last year, marking a shift in the industry from the holding strategy prevalent during the previous bull market. October marked the market peak, and the subsequent sharp correction triggered industry-wide deleveraging. Data from Miner Weekly, published by TheEnergyMag, shows that several large mining companies participated in this sell-off: Cango sold 4,451 BTC in February, approximately 60% of its reserves; Bitdeer reportedly emptied its entire Bitcoin reserves last month; Riot Platforms made multiple BTC sales in December; and Core Scientific plans to sell approximately 2,500 BTC in the first quarter of this year. MARA Holdings, the largest publicly listed mining company, attracted attention this week due to an updated regulatory filing indicating it may simultaneously buy and sell Bitcoin to maintain flexibility. MARA Vice President Robert Samuels clarified that the filing allows for flexible sales but does not imply a large-scale liquidation. MARA currently holds over 53,000 BTC, making it the second-largest publicly traded Bitcoin holder after Strategy. Industry profit margins continue to narrow, with some observers calling this the most severe profit squeeze in the history of mining companies. CleanSpark has fully repaid its Bitcoin-backed credit line to mitigate financial risk.
Weatherly
