The biggest sellers of $BTC this year aren’t retail investors—they’re publicly traded companies themselves.
Lookonchain’s November 10 tally: 14 publicly traded companies have sold a combined 108,247 bitcoins so far in 2026, worth about $8.08 billion. The top three are all mining companies:
MARA sold 40,581 BTC, worth about $3.03 billion, at an average price of about $74,446
Riot sold 20,264 BTC, worth about $1.51 billion, at an average price of about $73,231
Bitdeer sold 10,553 BTC, worth about $787 million
MARA and Riot alone accounted for 56% of the total. Cango sold 7,001 BTC, CleanSpark sold 5,715, and Core Scientific sold 3,374. Most of the rest were also mining companies.
Where is the money from these sales going? Debt repayment and AI data center construction. MARA used $750 million to repay a mortgage-backed loan, freeing up 17,477 BTC in the process. Riot is also selling coins to expand its data centers. The mining companies’ playbook has changed this year: coins are a financing tool, not a position held on faith.
But don’t treat this table as a final accounting: some figures are estimates based on outflows from on-chain wallets. An outflow doesn’t necessarily mean a sale; it could also be collateral, custody, or hedging. Meanwhile, Strategy bought another 1,036 BTC between November 2 and 8. In the same market, some are cashing out to fund AI, while others keep accumulating.
My take: Concentrated selling by mining companies is one reason BTC is stuck grinding in the $73,000–$75,000 range. The selling pressure is real. But they’re selling coins to repay debt and transform their businesses. If mining companies can make their AI data centers work, then they’re swapping a lower-value asset for a higher-value one. In the short term, watch the selling pressure; in the long term, watch whether the transition succeeds. Don’t focus on only one side of the story.
Data as of: 2026-11-10 23:00 UTC
For informational purposes only; not investment advice.
Lookonchain’s November 10 tally: 14 publicly traded companies have sold a combined 108,247 bitcoins so far in 2026, worth about $8.08 billion. The top three are all mining companies:
MARA sold 40,581 BTC, worth about $3.03 billion, at an average price of about $74,446
Riot sold 20,264 BTC, worth about $1.51 billion, at an average price of about $73,231
Bitdeer sold 10,553 BTC, worth about $787 million
MARA and Riot alone accounted for 56% of the total. Cango sold 7,001 BTC, CleanSpark sold 5,715, and Core Scientific sold 3,374. Most of the rest were also mining companies.
Where is the money from these sales going? Debt repayment and AI data center construction. MARA used $750 million to repay a mortgage-backed loan, freeing up 17,477 BTC in the process. Riot is also selling coins to expand its data centers. The mining companies’ playbook has changed this year: coins are a financing tool, not a position held on faith.
But don’t treat this table as a final accounting: some figures are estimates based on outflows from on-chain wallets. An outflow doesn’t necessarily mean a sale; it could also be collateral, custody, or hedging. Meanwhile, Strategy bought another 1,036 BTC between November 2 and 8. In the same market, some are cashing out to fund AI, while others keep accumulating.
My take: Concentrated selling by mining companies is one reason BTC is stuck grinding in the $73,000–$75,000 range. The selling pressure is real. But they’re selling coins to repay debt and transform their businesses. If mining companies can make their AI data centers work, then they’re swapping a lower-value asset for a higher-value one. In the short term, watch the selling pressure; in the long term, watch whether the transition succeeds. Don’t focus on only one side of the story.
Data as of: 2026-11-10 23:00 UTC
For informational purposes only; not investment advice.
