14 publicly listed companies sold 108,000 bitcoins this year, cashing out for $8.08 billion—an average selling price of $74,600, higher than the current price.
First, take a look at this ranking (compiled by Lookonchain on November 10):
1. MARA: 40,581 BTC ($3.03 billion, average price $74,446): Sold 26,984 BTC in the first nine months, then another 13,597 after the quarter at an average price of $81,039. It borrowed $750 million using BTC as collateral, then used the sale proceeds to repay the loan and reclaim the collateral, netting about $170 million; total debt has fallen by $1.4 billion since the start of the year.
2. Riot: 20,264 BTC ($1.51 billion, average price $73,231): Sold 10,599 BTC in the third quarter alone, cutting its holdings from 11,380 BTC to 2,418 BTC—a 79% reduction.
3. The other 12 companies sold about 47,000 BTC combined: Bitdeer 10,553 BTC, Cango 7,001 BTC, and CleanSpark 5,715 BTC. Hut 8 sold $250 million worth of BTC in the third quarter to buy back shares.
Where is Riot putting that money? A 15-year, $28 billion lease: its 910 MW site in Corsicana, Texas, is being leased to Anthropic to build an AI data center. The tenant buys and maintains its own equipment, so Riot doesn’t need to issue more shares. Miners’ coins are turning into computing power.
What does this whale think? The real takeaway from this table isn’t that “miners have lost faith in Bitcoin.” It’s that coins are becoming cash, and cash is becoming computing power and cleaner balance sheets—MARA is using sale proceeds to pay down debt while keeping $500 million in buyback capacity, and Riot is directly leasing its power and land to Anthropic. The average selling price of $74,600 is well above the current price of $64,900 at $BTC , which suggests this isn’t panic selling, but a deliberate portfolio shift based on the numbers. But it’s also worth seeing the other side: if the price stays below $74,000 for a long time, these companies will find it even easier to sell next time. Whether Riot sells its remaining 2,418 BTC matters more than today’s ranking.
First, take a look at this ranking (compiled by Lookonchain on November 10):
1. MARA: 40,581 BTC ($3.03 billion, average price $74,446): Sold 26,984 BTC in the first nine months, then another 13,597 after the quarter at an average price of $81,039. It borrowed $750 million using BTC as collateral, then used the sale proceeds to repay the loan and reclaim the collateral, netting about $170 million; total debt has fallen by $1.4 billion since the start of the year.
2. Riot: 20,264 BTC ($1.51 billion, average price $73,231): Sold 10,599 BTC in the third quarter alone, cutting its holdings from 11,380 BTC to 2,418 BTC—a 79% reduction.
3. The other 12 companies sold about 47,000 BTC combined: Bitdeer 10,553 BTC, Cango 7,001 BTC, and CleanSpark 5,715 BTC. Hut 8 sold $250 million worth of BTC in the third quarter to buy back shares.
Where is Riot putting that money? A 15-year, $28 billion lease: its 910 MW site in Corsicana, Texas, is being leased to Anthropic to build an AI data center. The tenant buys and maintains its own equipment, so Riot doesn’t need to issue more shares. Miners’ coins are turning into computing power.
What does this whale think? The real takeaway from this table isn’t that “miners have lost faith in Bitcoin.” It’s that coins are becoming cash, and cash is becoming computing power and cleaner balance sheets—MARA is using sale proceeds to pay down debt while keeping $500 million in buyback capacity, and Riot is directly leasing its power and land to Anthropic. The average selling price of $74,600 is well above the current price of $64,900 at $BTC , which suggests this isn’t panic selling, but a deliberate portfolio shift based on the numbers. But it’s also worth seeing the other side: if the price stays below $74,000 for a long time, these companies will find it even easier to sell next time. Whether Riot sells its remaining 2,418 BTC matters more than today’s ranking.
