Bitcoin Mining Companies Have Sold Over 15,000 BTC Since Last October, Signaling a Shift in Industry's Bitcoin Holding Strategy

Odaily News Listed Bitcoin mining companies have sold more than 15,000 BTC since last October, indicating a shift away from the previously prevalent strategy of holding Bitcoin during bull market cycles. Last October marked the market peak, and the subsequent significant correction triggered a wave of deleveraging across the entire industry.

Data from Miner Weekly, a publication under TheEnergyMag, shows that several major mining companies participated in this round of selling: Cango sold 4,451 BTC in February, representing approximately 60% of its reserves; Bitdeer reportedly liquidated its entire Bitcoin holdings last month; Riot Platforms executed multiple BTC sales in December last year; Core Scientific plans to sell around 2,500 BTC in the first quarter of this year.

The largest listed mining company, MARA Holdings, drew attention this week due to regulatory filing updates, which revealed it might both 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 Bitcoin holder among listed companies, following Strategy.

Industry profit margins continue to narrow, with some observers calling the current period the most severe profit squeeze in the history of mining companies. CleanSpark has fully repaid its Bitcoin-backed credit line to reduce financial risk.