Since the beginning of the year, 14 public companies have sold about 108,247 BTC worth $8.08 billion. More than half of this volume came from just two players — MARA and Riot Platforms.

This is the largest wave of corporate Bitcoin sell-offs in recent cycles. The figures show that miners and treasury companies are shifting from accumulation to active monetization of reserves — and this is changing the structure of market supply.

Two companies accounted for more than half of the sales

MARA took the lead: it parted with 40,581 BTC for $3.03 billion. In second place is Riot Platforms with 20,264 BTC, or $1.51 billion. Together they accounted for about 56.2% of the total volume.

Three more companies follow:

  • Bitdeer Technologies — 10,553 BTC ($787 million);
  • Cango — 7,001 BTC ($522 million);
  • CleanSpark — 5,715 BTC ($426 million).

The remaining nine participants on the list sold noticeably less. Their figures range from 1,097 BTC at KULR to 3,374 BTC at Core Scientific.

The calculation includes more than just confirmed sales

The $8.08 billion figure cannot be considered the exact volume of market transactions. The calculation includes not only confirmed spot sales, that is, the ordinary sale of coins for cash. Some of the figures are estimated on-chain outflows: this refers to transfers of bitcoins from company wallets that are visible on the blockchain.

Another portion is option deliveries. In this case, the company transfers coins to the counterparty under the terms of the contract. For example, at CleanSpark such deliveries accounted for 3,654 BTC out of 5,715 BTC. The Bitdeer figure is an estimate of outflows for January–September.

Investors should treat the total as a guideline. The actual volume of coins that entered free sale may differ from this estimate.

Analysts provided the average sale price for eight companies. Core Scientific sold its coins at the highest price — $85,000. The lowest figure is Empery Digital's — $66,733. MARA and Riot Platforms sold at an average of $74,446 and $73,231.

Cryptalist analysis: The $8.08 billion wave of corporate sell-offs reflects pressure on the balance sheets of miners and treasury structures, rather than a one-off speculative move. The concentration of sales at MARA and Riot points to the systemic nature of reserve monetization, which increases market supply and limits upside potential in the short term. At the same time, part of the stated volume consists of on-chain outflows and option deliveries, so the actual pressure on the spot market is lower than the nominal figure.