The move reflects broader dynamics within the mining industry. Rising operational costs, market volatility, and the need for stronger balance sheet flexibility have pushed some miners to liquidate portions of their Bitcoin holdings. While many mining firms historically preferred to hold the Bitcoin they mined, recent developments suggest a more active treasury strategy is emerging across the sector.

Bitcoin Mining Companies Hit by Selling Wave

Data released in recent months indicates that multiple large mining companies have significantly reduced their Bitcoin reserves. In some cases, the sales appear to be directly tied to covering operational expenses such as electricity, infrastructure, and equipment maintenance. In other situations, companies seem to be adjusting their balance sheets as part of broader financial planning.

These transactions are closely watched by market participants because corporate Bitcoin reserves can influence supply dynamics in the broader crypto market. When large mining firms sell significant amounts of BTC, it can add temporary selling pressure to the market.

Cango Offloads Majority of Its Holdings

One of the most notable moves came from Cango, which carried out a major sale in February. The company sold 4,451 BTC, representing roughly 60% of its Bitcoin reserves.

Such a large liquidation is relatively uncommon in the mining sector and signals a substantial adjustment in the company’s treasury strategy. The decision underscores how some mining firms are prioritizing liquidity and financial flexibility in the current market environment.

Bitdeer Fully Liquidates Its Bitcoin Reserves

Another significant development involved Bitdeer, which sold all of its Bitcoin holdings last month. By liquidating its entire reserve, the company effectively shifted its position entirely into cash.

This move appears aimed at strengthening short-term financial flexibility. It also highlights how quickly reserve policies among mining firms can change depending on market conditions and operational needs.

Riot Platforms and Core Scientific Plan Strategic Sales

Other industry players have taken a more gradual approach. Riot Platforms conducted several Bitcoin sales during December as part of a strategy to manage operating expenses and maintain financial stability.

Meanwhile, Core Scientific has also indicated plans to reduce its holdings. The company is expected to sell approximately 2,500 BTC during the first quarter of 2025 as part of its treasury management plan.

MARA Maintains Flexibility With Large Holdings

MARA Holdings, one of the largest corporate Bitcoin holders among mining companies, appears to be maintaining a different strategy. A recent filing indicates that the firm intends to keep flexibility when it comes to buying or selling Bitcoin depending on market conditions.

The company currently holds more than 53,000 BTC, making it one of the largest institutional holders of the asset in the mining sector.

As mining companies continue adjusting their reserve strategies, their decisions may increasingly shape the supply dynamics of the Bitcoin market. Large-scale sales from major miners remain an important factor for investors monitoring institutional activity within the cryptocurrency ecosystem.

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Capital Group’s Bitcoin Strategy 

Instead of buying Bitcoin directly, Capital Group prefers Bitcoin treasury companies. These firms accumulate BTC on their balance sheets, giving institutional investors indirect exposure. Moreover, Capital Group’s portfolio manager, Mark Casey, cites Benjamin Graham and Warren Buffett as key influences on his investment approach. 

Casey treats Bitcoin as a commodity and structures the portfolio accordingly. Capital Group stands out with its 12.3% stake in Strategy (formerly MicroStrategy). This investment is now worth about $6.2 billion thanks to the stock’s significant value increase. Additionally, Capital Group holds positions in Metaplanet and Mara Holdings, further diversifying its BTC exposure. 

Strategy and Metaplanet Investments 

Strategy transformed from a software company into a BTC-focused firm under Michael Saylor’s leadership. The company currently holds 636,505 BTC on its balance sheet. Capital Group’s $500+ million investment gives it a significant share in Strategy. 

Additionally, the firm acquired 5% of Japan-based Metaplanet, enhancing portfolio diversification. Shares in mining company Mara Holdings further strengthen Capital Group’s corporate Bitcoin exposure. By investing across multiple BTC-focused sectors, the firm spreads its risk effectively. 

Corporate Bitcoin Treasuries and Future Trends 

Currently, corporate treasuries hold over 1 million BTC, worth roughly $117 billion. Strategy remains the largest Bitcoin holder, while Mara Holdings and other firms are growing rapidly. 

Looking ahead, companies like Metaplanet and Semler Scientific plan aggressive Bitcoin accumulation. Metaplanet targets 210,000 BTC, and Semler Scientific aims for 105,000 BTC, signaling continued institutional interest in BTC. 

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Yet, alongside this rapid accumulation, concerns are emerging about shrinking transaction fees — a trend that could challenge Bitcoin’s long-standing “digital gold” narrative.

Corporate Bitcoin Holdings at Record Levels

From corporate treasuries to mining firms and ETF issuers, the role of public companies in Bitcoin markets has expanded significantly over the past few years.

At the top of the leaderboard sits Strategy, co-founded by Michael Saylor, which began aggressively purchasing Bitcoin back in 2020.

In second place is MARA Holdings, with 52,477 BTC under its control — adding 705 BTC in August alone.

New entrants are also making their mark. Jack Mallers’ XXI already holds 43,514 BTC, while the Bitcoin Standard Treasury Company owns 30,021 BTC.

Other notable players include Bullish (24,000 BTC), Metaplanet (20,000 BTC), and publicly traded names such as Riot Platforms, Trump Media & Technology Group, CleanSpark, and Coinbase.

The Hidden Risk: Transaction Fees in Decline

While Wall Street’s Bitcoin exposure is growing, the network faces a different challenge: falling transaction fees. Following the most recent halving, block rewards were reduced, and transaction fees now account for less than 1% of miner revenue.

This leaves miners increasingly reliant on price appreciation alone to sustain profitability. As a result, some are forced to liquidate reserves or shut down operations entirely.

Beyond economics, this dynamic could also impact Bitcoin’s decentralization and security. A decline in miner participation risks concentrating hash power into the hands of a few dominant pools. In fact, Foundry and Antpool already command nearly half of the network’s total hash rate.

The 2028 Halving: An Even Greater Test

The next halving will cut block rewards further, down to 1.5625 BTC per block. For miners, this represents an even steeper challenge to stay profitable.

Unless new use cases emerge to boost demand for block space, Bitcoin’s security model could weaken. Such a shift would push the “digital gold” narrative further away from the economic incentives that underpin the network’s resilience.

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Bitcoin Holdings by Public Firms Up 120% in 2025

Blockware, the research arm of Blockware Solutions, reported a 120% rise in the number of publicly listed companies holding BTC in 2025 alone. Many of these firms are either new market entrants or struggling businesses looking for alternative value storage methods.

The firm explains that companies with stagnating growth find it easier to commit retained earnings to Bitcoin, targeting compound annual growth rates of 40–60% without bearing traditional operational risks.

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Data from BitcoinTreasuries.net shows that MicroStrategy leads the space with 597,325 BTC, holding nearly 12 times more than the second-largest holder, mining firm MARA Holdings with 50,000 BTC.

Analysts Caution Against Over-Reliance on Bitcoin Treasury Strategy

Despite the rapid expansion, not all experts are optimistic. Glassnode’s lead analyst James Check recently warned that the window for easy gains might be closing. On July 4, he expressed doubts about the long-term viability of the Bitcoin treasury model, saying that many firms might face liquidity challenges if NAV premiums decline.

A recent report by venture capital firm Breed echoed this sentiment, stating that only a handful of companies will survive the upcoming volatility. The report added that these treasury-heavy firms could play a critical role in the next crypto downturn.

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Total Corporate Bitcoin Holdings Exceed 847,000 BTC

According to data shared by Bitwise Asset Management, this surge represents a 23.13% increase compared to the previous quarter. As a result, public companies now hold over 847,000 BTC, accounting for nearly 4% of Bitcoin’s total capped supply of 21 million coins.

By the end of Q2, the total value of these corporate holdings had reached $91 billion, based on Bitcoin’s quarter-closing price of $107,754. Since then, Bitcoin has continued its rally, climbing above $112,000 to mark a new all-time high.

Number of Public BTC Companies Soars by Over 58%

The number of publicly listed companies holding Bitcoin grew significantly in Q2. A total of 46 new firms added BTC to their balance sheets, pushing the overall count to 125 companies — a 58.23% quarter-over-quarter increase.

Strategy Leads the Corporate BTC Pack

At the top of the list sits Strategy, the company helmed by prominent Bitcoin advocate Michael Saylor. With an impressive holding of 597,325 BTC, Strategy has aggressively acquired Bitcoin using capital raised through convertible debt and ATM equity offerings.

The company’s Bitcoin-driven strategy has also delivered strong returns for shareholders — Strategy’s stock is up 43% year-to-date, significantly outperforming the S&P 500, which recorded a modest 6.4% gain over the same period.

Other Heavyweights: MARA, Metaplanet, and GameStop

In second place is mining firm MARA Holdings, with 49,940 BTC on its books. The company’s shares have also risen more than 10% since the start of the year.

Several new players have entered the Bitcoin treasury space as well:

• Twenty One launched operations after raising $685 million, deploying over $450 million into Bitcoin within weeks.

• From Japan, Metaplanet made headlines by acquiring 13,350 BTC and dominating Tokyo’s trading volume, even surpassing giants like Toyota and Sony.

• Gaming retailer GameStop completed its first-ever Bitcoin purchase, adding 4,710 BTC to its reserves.

• Meanwhile, Trump Media filed plans to raise $2.5 billion in new capital to further boost its Bitcoin holdings.

London-Based BTC Strategy: London BTC Company

In the UK, London BTC Company — formerly known as Vinanz — raised £1.5 million ($2 million) by issuing 11.5 million new shares. With mining operations in both the U.S. and Canada, the firm plans to allocate this capital toward expanding its Bitcoin portfolio.

However, the company’s stock performance has struggled. Listed on the London Stock Exchange, shares have declined over 42% year-to-date, including a 7% drop in the past 24 hours.

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The transfer instantly propelled Twenty One to the position of the world’s third-largest corporate Bitcoin holder, behind only Strategy (formerly MicroStrategy) and MARA Holdings.

Behind the Billions: How the Bitcoin Was Allocated

On June 3, Tether CEO Paolo Ardoino confirmed two large transactions totaling 11,417 Bitcoin. One included a 10,500 BTC transfer to an address connected to SoftBank’s investment in Twenty One Capital. The second involved 917 BTC sent to investors with equity stakes in the venture.

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An even larger move occurred the previous day: 25,812 Bitcoin were shifted in three transactions. That included 7,000 BTC from Bitfinex as direct investment, 14,000 BTC from Tether, and 4,812 BTC as pre-funding for an equity raise.

A New Kind of Bitcoin-Native Finance

Twenty One Capital aims to build Bitcoin-native infrastructure for capital markets—delivering services like lending, custody, and asset issuance directly on Bitcoin rails. The company plans to go public via a SPAC merger with Cantor Fitzgerald, valuing the company at $3.6 billion.

While this bold initiative highlights growing institutional interest in Bitcoin, it also reignites debate over transparency. At the Bitcoin 2025 conference, Strategy chairman Michael Saylor argued against onchain proof-of-reserves, citing security concerns. Meanwhile, analytics firm Arkham Intelligence claims to have identified 87% of Strategy’s Bitcoin holdings onchain.

The contrast reveals a growing divide in how major players approach visibility and risk in the evolving crypto economy.

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Bitcoin miners sold more BTC than they produced in April, reaching the highest sell-off rate since the 2022 bear market. According to TheMinerMag, publicly traded miners sold 115% of their production, marking a significant record. 

This aggressive selling came just before Bitcoin hit an all-time high of $109,000 in May. However, this price surge did not deliver the expected revenue increase for bitcoin miners. Rising hashrate and declining transaction fees significantly reduced bitcoin miners income. As a result, many companies rapidly sold off their reserves to stay afloat. Notably, the 15,000 BTC sale on April 7 was the third-largest outflow of the year. 

Hashrate Rises, Profitability Declines 

Analysts Jonathan Petersen and Jan Aygul stated, “BTC mining profitability fell 6.6% in April due to a 6.7% increase in network hashrate.” This statement clearly highlights the challenges faced by the industry. 

According to a Jefferies report, U.S.-based publicly traded mining companies produced 3,277 BTC in April, a notable decline from 3,534 BTC in March. Their share of the network also dropped from 24.8% to 24.1%. Hashprice (earnings per unit of computing power) fell from $63/PH/s in December to $55/PH/s in April. This decline directly impacted mining revenues, forcing companies to sell BTC. 

Bitcoin Nears $110K as Institutional Interest Surges

Despite these challenges, some companies continue to expand capacity. CleanSpark increased its hash power to 42 EH/s, maintaining its growth strategy. MARA Holdings, with 57.3 EH/s, remains the industry leader. However, these investments often create more operational pressure in the short term rather than boosting revenue. Still, they stand out as a key strategy for firms aiming for long-term positioning. Rising energy costs, tax pressures, and intensifying competition continue to challenge mining companies. Nevertheless, Bitcoin’s price increase still offers promising signals for the sector. 

The high rate of BTC sales by miners in April is a clear indicator of market pressure. Declining profitability, rising hashrate, and low transaction fees pushed companies to sell more than they produced. 

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Stock Sale to Fund More Bitcoin Purchases!

MARA Holdings, formerly known as Marathon Digital, announced in a March 28 SEC filing that it has entered an agreement with investment firms, including Cantor Fitzgerald and Barclays, to sell up to $2 billion worth of stock. The company stated that proceeds will be used for general corporate purposes, including acquiring more Bitcoin and covering working capital expenses.

This strategy mirrors that of MicroStrategy, the largest corporate holder of Bitcoin, which has used stock offerings to acquire 506,137 BTC, valued at approximately $42.4 billion.

MARA’s Expanding Bitcoin Holdings!

MARA Holdings is the second-largest publicly traded Bitcoin holder, with 46,374 BTC, worth around $3.9 billion. In July, CEO Fred Thiel stated that the company had adopted a “full HODL” approach, meaning it would not sell mined Bitcoin to fund operations but instead continue accumulating the asset.

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This new stock sale follows a similar move in early 2023, when MARA Holdings sold up to $1.5 billion worth of shares. Additionally, in November, the company issued $1 billion in zero-coupon convertible senior notes, primarily to fund more Bitcoin purchases.

Market Reaction and Bitcoin Price Update

Following the announcement, MARA‘s stock closed 8.58% lower on March 28 at $12.47. The stock continued to decline, falling another 4.6% in overnight trading to $11.89 on March 30. This drop comes amid broader concerns in the crypto mining sector after reports suggested Microsoft had abandoned plans to invest in new data centers.

Meanwhile, Bitcoin is trading just above $82,000, down 1.2% in the past 24 hours, after briefly touching a local high of around $83,500.

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Thiel pointed out that Bitcoin has only experienced annual losses three times in its 14-year history. In an interview with FOX Business, he stated:

“My advice to my children is to buy Bitcoin regularly every month and witness its growth over the long term.”

He also noted that Bitcoin has demonstrated an annual average value growth of 29% to 50%, presenting a significant opportunity for individual investors.

Factors That Could Drive Bitcoin Prices in 2025

Thiel identified several key catalysts that could boost Bitcoin’s value:

• U.S. Bitcoin Reserve Plans: The potential use of Bitcoin as a national reserve.
• Increased Institutional Investment: The launch of spot Bitcoin ETFs is expected to attract more institutional investors.
• Friendly Regulatory Environment: The new administration (Trump government) is anticipated to adopt a crypto-friendly stance.

In a poll conducted by prominent Bitcoin advocate and MicroStrategy Executive Chairman Michael Saylor, 77.7% of respondents indicated plans to increase their Bitcoin investments in 2025. The poll received a total of 65,164 responses.

MARA Holdings’ Bitcoin Strategy

In 2024, MARA Holdings increased its Bitcoin reserves by 192.5%, reaching 44,394 Bitcoins, equivalent to $4.3 billion at current market prices. The company retains all its mined Bitcoin, adhering to a hold-all strategy that has drawn attention.

Following MicroStrategy’s massive reserve of 446,400 Bitcoins, MARA Holdings holds the second-largest Bitcoin reserve among publicly traded companies. This strategy reflects the company’s expectation of Bitcoin’s long-term value appreciation.

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Marathon Digital Holdings (MARA) announced that it raised a total of $1.925 billion through zero-coupon convertible bond offerings in November and December.

With this capital, the company acquired approximately $1.53 billion worth of 15,574 Bitcoin, with an average purchase price of $98,529.

Marathon currently holds 44,394 Bitcoin, with a total value of approximately $4.45 billion, based on the current spot Bitcoin price of $100,151.

Additionally, the company used part of the proceeds to repurchase $263 million worth of its 2026 convertible bonds.

The remaining funds are intended to be used for further Bitcoin acquisitions in the future.

What Is MARA Holdings?

Marathon Digital Holdings (MARA) is an American company operating in the digital asset mining and blockchain technology sectors. Founded in 2010, the company is particularly known for its Bitcoin mining operations.

Marathon uses large-scale data centers and high-performance hardware to mine Bitcoin, with the goal of accelerating digital asset transaction processes and ensuring the security of blockchain networks.

The company has also placed a strong emphasis on energy efficiency and environmental sustainability. Marathon aims to reduce its environmental impact by utilizing clean and renewable energy sources in its mining operations.

Looking forward, the company plans to contribute to energy transformation by utilizing stranded or underutilized energy sources, thereby turning them into economic value.

In addition to mining, Marathon works on the trading, management, and security of digital assets. It also offers investment opportunities to its investors through financial strategies such as the issuance of convertible bonds, aiming to create value.

Marathon Digital Holdings plays a leading role in the digital asset mining industry, particularly in the areas of sustainability and innovation.

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