Two verified prints from Nov. 10 point in opposite directions: 14 public companies sold or moved out 108,247 BTC in 2026, while Capital B added 12 BTC to reach 3,550 BTC.
$BTC
KEY TAKEAWAYS
- Per Lookonchain, 14 public companies sold or moved out 108,247 BTC (about $8.08 billion) in 2026, led by MARA (40,581 BTC) and Riot (20,264 BTC).
- MARA used $750 million of recent sale proceeds to repay bitcoin-backed loans as it funds AI and data-center expansion.
- Capital B bought 12 BTC for €0.84 million on Nov. 10, funded by share issuance, bringing its holdings to 3,550 BTC.
ANALYSIS
(Our interpretation, not confirmed fact.)
- Our reading: corporate bitcoin flows are splitting by business model. Miners hold BTC as an operating asset and are turning it into cash for debt repayment and AI build-outs.
- Treasury-style companies such as Capital B do the reverse, raising equity to add BTC, but the size gap is large: 12 BTC bought versus 40,581 BTC sold by MARA alone this year.
- Headline corporate demand for bitcoin can hide this split, so it helps to separate miners from treasury buyers when reading corporate flow data.
WHAT TO WATCH
- Whether more miners disclose BTC sales tied to AI or data-center spending in Q3 reports.
- Whether treasury companies keep funding BTC purchases through share issuance.
VERIFIED FACTS
- Capital B, listed on Euronext Growth Paris, said on Nov. 10 it acquired 12 BTC for €0.84 million, bringing group holdings to 3,550 BTC.
- The purchase was funded by capital increases of €0.87 million at €5.90 per share under its ATM-type contract with TOBAM.
- According to Lookonchain, 14 public companies sold or moved out a combined 108,247 BTC worth about $8.08 billion in 2026 as of Nov. 10; some figures are estimated outflows rather than confirmed spot sales.
- Bitcoin miners lead the list: MARA sold 40,581 BTC (about $3.03 billion) and Riot Platforms 20,264 BTC (about $1.51 billion), roughly 56% of the total.
LIMITS
- Lookonchain's tally includes estimated outflows, not only confirmed spot sales.
- Two data points do not establish a trend; sales and purchases are not causally linked.
- Interpretation only, not a price forecast or investment recommendation.
- This analysis is informational, based only on already-verified reports, and is not financial advice. Digital assets are volatile.
SOURCES
- https://x.com/TheBlockCo/status/2120057419783139602
- https://crypto.news/public-companies-have-sold-8-08-billion-in-bitcoin-in-2026-lookonchain/
💬 Should corporate bitcoin data split miners from treasury buyers? Drop your take.
#Bitcoin #BTCMining #BitcoinTreasury