Lookonchain: public companies sold over 108,000 BTC since the beginning of 2026

Fourteen public companies have collectively sold 108,247 BTC worth approximately $8.08 billion since the beginning of 2026. This data was presented on November 10 by the analytical platform Lookonchain, which studied the operations of major corporate Bitcoin holders. The largest volumes were attributed to mining companies MARA Holdings and Riot Platforms, which accounted for approximately 56% of the total sample result.

MARA topped the ranking with 40,581 BTC worth about $3.03 billion. Riot Platforms came in second, having sold 20,264 BTC for approximately $1.51 billion, while Bitdeer Technologies ranked third with 10,553 BTC valued at $787 million. Other major participants included Cango, CleanSpark, and Core Scientific, which conducted operations involving thousands of bitcoins during the period under review.

MARA directed part of the proceeds from BTC sales to debt repayment

According to MARA Holdings' financial report dated November 9, the company sold approximately 26,984 BTC in the first nine months of 2026, generating $1.9 billion. After the end of Q3, the miner additionally sold 13,597 BTC at an average price of approximately $81,039, raising another $1.1 billion. The total of these operations amounted to 40,581 BTC, consistent with Lookonchain's data.

From the funds received after the quarter ended, MARA allocated $750 million to fully repay loans secured by Bitcoin. As a result, the company released 17,477 BTC previously pledged to creditors as collateral. Since the beginning of 2026, MARA has also reduced its total debt burden by $1.4 billion, or 37%, which, according to management, has decreased the company's dependence on cryptocurrency price fluctuations.

The change in reserve management policy is linked to MARA's business expansion. In 2025, the company allowed the sale of bitcoins obtained through mining, and in 2026, it extended this approach to previously accumulated assets. The funds raised may be used for the development of energy infrastructure, artificial intelligence projects, debt obligations, and other corporate purposes.

Riot funds data center development through Bitcoin

Riot Platforms also actively reduced its cryptocurrency reserves. From January to September, the company sold 20,264 BTC for approximately $1.5 billion, directing the proceeds primarily towards the development of its data center business. As of September 30, Riot held 2,418 BTC valued at about $202 million and cash reserves of $748.2 million, including $79.2 million with usage restrictions.

In 2026, Riot entered into major agreements for infrastructure development for computational tasks. In August, the company announced a 20-year lease agreement for 191 MW capacity in Rockdale, which it estimates could generate about $9.1 billion in revenue over the initial term. Later, it signed a 15-year agreement for the Corsicana facility with a capacity of 910 MW, with expected contract revenue of approximately $28 billion.

Overall, Riot estimates potential revenues from long-term infrastructure provision contracts at approximately $38 billion. These funds are expected to be received over many years upon meeting the agreement conditions and do not represent already received revenue or the amount of investment in construction. The development of projects will require additional capital expenditures and adherence to capacity commissioning schedules.

Mining companies reallocate resources towards AI

The shift from Bitcoin accumulation to financing computational infrastructure is also observed among other industry participants. For example, Keel Infrastructure, formerly known as Bitfarms, ceased BTC mining at its U.S. sites in June 2026 to convert them into data centers for artificial intelligence and high-performance computing. Meanwhile, the company retained some mining activities in Canada.

However, the statistics published by Lookonchain cannot be fully equated to the volume of regular BTC sales on exchanges. For instance, Bitdeer's figure is based on an assessment of coin movements, and some of CleanSpark's bitcoins were transferred as part of options and other financial contracts. Therefore, the total sum of $8.08 billion reflects an analytical estimate of the operations of selected companies, not a confirmed volume of sales exclusively on the spot market.

The presented data shows that major public miners use accumulated BTC not only as a reserve asset but also as a source of funding for new business directions. However, the volume of corporate sales alone cannot determine their impact on Bitcoin's price or the future decisions of other cryptocurrency holders.