Don’t be spooked by “public companies sold 108,000 BTC this year”—MARA, the biggest seller, sold at an average price of $74,000, about $9,000 more than the current price.
14 publicly traded companies sold a combined 108,247 BTC in 2026, worth about $8.08 billion (according to Lookonchain’s tally on November 10).
MARA alone sold 40,581 BTC, and Riot sold 20,264—together, that’s 56% of the total.
MARA disclosed that it sold 26,984 BTC in the first nine months, raising about $1.9 billion; after the end of September, it sold another 13,597 BTC at an average price of $81,039, raising about $1.1 billion.
Where did the money go? $750 million went toward repaying loans backed by BTC, and 17,477 pledged BTC were released; total debt has fallen by $1.4 billion since the start of the year.
Now $BTC is around $65,448, down about 5% in 24 hours—MARA’s last sale was at $81,000, so it wasn’t panic-selling at $65,000.
My take: this isn’t bearish; miners are managing their BTC as cash.
When the price drops below production costs and even a 9% difficulty adjustment can’t restore profitability, the cheapest cash on the books is BTC. They need real money to repay debt, build AI computing capacity, and prepare for next year’s convertible bond putbacks.
The key point: the sellers and buyers are both “public companies”—Strategy was still buying 1,036 BTC at an average price of $79,012 from November 2–8. Don’t treat “public companies” as if they all move in the same direction.
One caveat: some of the 108,000 BTC figure is based on estimates of on-chain outflows, and it hasn’t been confirmed that every transaction was a spot sale. Don’t treat the total as an exact measure of selling.
What to watch next: whether MARA keeps selling next month, whether Riot follows, and whether Strategy stops buying BTC each week. Selling more as the price falls is bearish; holding on despite the decline is about paying down debt.
If you were MARA’s CFO, with BTC at $65,000 and debt still on the books, would you sell the BTC you hold?
#比特币 #矿工 #PublicCompanies
The above is a summary of market information only and does not constitute investment advice.
14 publicly traded companies sold a combined 108,247 BTC in 2026, worth about $8.08 billion (according to Lookonchain’s tally on November 10).
MARA alone sold 40,581 BTC, and Riot sold 20,264—together, that’s 56% of the total.
MARA disclosed that it sold 26,984 BTC in the first nine months, raising about $1.9 billion; after the end of September, it sold another 13,597 BTC at an average price of $81,039, raising about $1.1 billion.
Where did the money go? $750 million went toward repaying loans backed by BTC, and 17,477 pledged BTC were released; total debt has fallen by $1.4 billion since the start of the year.
Now $BTC is around $65,448, down about 5% in 24 hours—MARA’s last sale was at $81,000, so it wasn’t panic-selling at $65,000.
My take: this isn’t bearish; miners are managing their BTC as cash.
When the price drops below production costs and even a 9% difficulty adjustment can’t restore profitability, the cheapest cash on the books is BTC. They need real money to repay debt, build AI computing capacity, and prepare for next year’s convertible bond putbacks.
The key point: the sellers and buyers are both “public companies”—Strategy was still buying 1,036 BTC at an average price of $79,012 from November 2–8. Don’t treat “public companies” as if they all move in the same direction.
One caveat: some of the 108,000 BTC figure is based on estimates of on-chain outflows, and it hasn’t been confirmed that every transaction was a spot sale. Don’t treat the total as an exact measure of selling.
What to watch next: whether MARA keeps selling next month, whether Riot follows, and whether Strategy stops buying BTC each week. Selling more as the price falls is bearish; holding on despite the decline is about paying down debt.
If you were MARA’s CFO, with BTC at $65,000 and debt still on the books, would you sell the BTC you hold?
#比特币 #矿工 #PublicCompanies
The above is a summary of market information only and does not constitute investment advice.