Fourteen listed companies sold 108,247 Bitcoin in 2026, worth about $8.08 billion. The sellers were mostly Bitcoin miners, and they sold to pay down debt and fund a pivot into AI data centers, not because they lost faith in Bitcoin.
Lookonchain published the tally on November 10, 2026.
MARA Holdings led the list with 40,581 BTC sold, and Riot Platforms followed with 20,264 BTC. Together, those two miners sold 60,845 BTC, or 56.2 percent of the total.
- The numbers behind the $8.08 billion sell-off
- MARA sold the most, and its own filings back the number
- Riot sold to build data centers, not to exit Bitcoin
- Why miners are selling Bitcoin to fund AI
- What the tally does not prove
- What this means for the Bitcoin price
- My take: this is a funding story, not a verdict on Bitcoin
- FAQs
- How much Bitcoin did listed companies sell in 2026?
- Which company sold the most Bitcoin in 2026?
- Why are Bitcoin miners selling their Bitcoin?
- Did MARA sell Bitcoin at a good price?
- Is the $8.08 billion figure a record of actual sales?
- Does the tally include Strategy?
- Conclusion
Bitcoin traded near $73,862 on the morning of November 11, 2026. That price sits below the average price MARA received for its coins, which tells you the selling was timed well, even if the reason had little to do with price.
Key takeaways
Fourteen listed companies sold 108,247 BTC worth about $8.08 billion in 2026, according to Lookonchain data through November 10.
MARA and Riot sold 56.2 percent of that total. MARA alone sold 40,581 BTC for about $3.03 billion.
Miners spent $5.11 billion on capital projects in the first half of 2026 while AI and high-performance computing revenue reached only $341.2 million.
The tally is not a clean record of spot sales. Some figures are estimated wallet outflows, and Strategy, the largest corporate holder, is missing from it.
The numbers behind the $8.08 billion sell-off
Lookonchain built its tally from on-chain wallet movements and company disclosures. The list covers sales through November 10, 2026, and it values the coins at the prices the companies received.
The concentration is the first thing that jumps out. Two companies did more than half the selling, and the top three did almost two thirds of it.
That makes this a miners story, not a broad corporate exit from Bitcoin.
| Company | Bitcoin sold (BTC) | Value | Share of total |
|---|---|---|---|
| MARA Holdings | 40,581 | About $3.03 billion | 37.5% |
| Riot Platforms | 20,264 | About $1.51 billion | 18.7% |
| Bitdeer Technologies | 10,553 | About $787 million | 9.7% |
| Cango | 7,001 | About $522 million | 6.5% |
| CleanSpark | 5,715 | About $426 million | 5.3% |
| Core Scientific | 3,374 | About $252 million | 3.1% |
| Empery Digital | 3,170 | Not disclosed | 2.9% |
| Keel Infrastructure | 3,169 | Not disclosed | 2.9% |
| Hut 8 Mining | 3,102 | Not disclosed | 2.9% |
| HIVE Digital | 3,056 | Not disclosed | 2.8% |
| IREN, Cipher, Sequans, KULR | 11,364 combined | Not disclosed | 10.5% |
The percentages in this table come from my own calculation on the Lookonchain figures. I divided each company total by 108,247 BTC, the full tally, and rounded to one decimal place.
The chart shows the same gap in visual form. MARA sold almost exactly twice as much Bitcoin as Riot, and Riot sold almost twice as much as Bitdeer in third place.
MARA sold the most, and its own filings back the number
MARA is the one seller whose numbers check out cleanly against its own disclosures. Its third-quarter shareholder letter, published November 9, 2026, said it sold about 26,984 BTC for $1.9 billion in the first nine months of 2026.
MARA then sold another 13,597 BTC after September 30 at an average price near $81,039, which added about $1.1 billion. Add the two periods together and you get 40,581 BTC, exactly the Lookonchain figure.
That post-September sale deserves attention for one reason. MARA sold those coins at $81,039 each, while Bitcoin traded near $73,862 on November 11.
That is $7,177 per coin, or 9.7 percent, above the current price.
MARA used $750 million of the proceeds to repay loans backed by its Bitcoin holdings. The repayment released 17,477 BTC that had been pledged as collateral, and the company cut its total debt by $1.4 billion, or 37 percent, since the start of 2026.
The company also said it plans to keep using Bitcoin to build cash for AI infrastructure, possible share repurchases, and debt payments due next year. Its third-quarter revenue fell 35 percent to $164.2 million, while net income reached about $632.1 million, largely on unrealized gains in its digital assets.
An earlier MARA transfer to Galaxy Digital had already raised questions about whether a large sale was coming. The shareholder letter now answers that question with hard numbers.
Riot sold to build data centers, not to exit Bitcoin
Riot Platforms sold 20,264 BTC at an average price near $73,231, for about $1.51 billion. Its quarterly filing confirms the sale covered the nine months ended September 30, 2026.
Riot put the money toward data center development. That is the same playbook MARA follows, and it explains why the two biggest sellers look so similar.
The rest of the list follows the same pattern. Bitcoin miners have rallied on AI expansion hopes through 2026, and the rally rests on a simple trade: mining sites already hold power connections, land, and cooling, and AI tenants need all three.
Why miners are selling Bitcoin to fund AI
Nine listed miners spent $5.11 billion on capital projects in the first half of 2026, according to BlocksBridge Consulting. Their AI and high-performance computing revenue in the same period was only $341.2 million.
That gap is the whole story in one comparison. The miners spent about 15 times more on building AI capacity than AI earned them in the first half of the year.
The $8.08 billion of Bitcoin sales covers that $5.11 billion of spending 1.58 times over, which shows where the building money came from.
Keel Infrastructure, formerly Bitfarms, shows how far the pivot has gone. It stopped Bitcoin mining at its Washington site on April 28, 2026, and at its Panther Creek, Scrubgrass, and Sharon sites in Pennsylvania on June 29, 2026.
Keel now describes itself as a developer of data centers for high-performance computing and AI. Its filing says it still has no revenue-generating high-performance computing capacity in service, and it sold 2,520 BTC for $192.2 million in the third quarter alone.
This is a bet on future rent, not a business that already pays. Miners are selling a liquid asset they hold today to build capacity that may earn rent in 2027 and beyond.
What the tally does not prove
Read the $8.08 billion figure with care, because it is not a clean record of spot sales. Lookonchain built it from wallet movements plus disclosures, and some entries are estimates.
Bitdeer sits third at 10,553 BTC, but Lookonchain labels that figure as estimated outflows from January to September. An outflow from a company wallet can be a sale, but it can also be coins moved to a custodian, posted as collateral, or delivered under a derivatives contract.
Strategy is missing from the tally entirely, even though it is the largest corporate Bitcoin holder. Its own filings show it sold small amounts in 2026, including 32 BTC in late May, 3,588 BTC in early July, and 1,638 BTC in late July and early August.
Strategy also bought 1,036 BTC during November 2 to 8, 2026. Our earlier report on Strategy holding 848,000 BTC after its third-quarter gain shows the other side of this market: some treasuries still add coins while miners sell them.
The tally also says nothing about net buying across all public companies. It counts sellers only, so it cannot tell you whether corporate Bitcoin holdings rose or fell overall in 2026.
That gap matters, because Bitcoin treasury companies stopped buying at the same time miners started selling, and the two trends together shape the floor under the price.
What this means for the Bitcoin price
Bitcoin fell after a hotter than expected inflation report on November 10. October CPI rose 0.4 percent month on month, above the 0.3 percent forecast, while core CPI rose 0.3 percent against a 0.2 percent forecast.
Bitcoin traded near $73,862 on the morning of November 11, down about 1.5 percent over 24 hours, and it had touched an intraday low near $72,727. Traders now price an 85 percent chance of a Federal Reserve rate hike in December, which keeps pressure on risk assets.
The ETF picture adds a second layer of selling pressure. BlackRock’s IBIT recorded $213.2 million in outflows on November 9, its seventh straight session of withdrawals, taking the run since October 30 to about $1.66 billion.
November 10 brought a pause, not a reversal. US spot Bitcoin ETFs took in a net $20 million that day, all of it into Morgan Stanley’s MSBT, while IBIT reported no net flow.
That breaks the daily streak, but one flat day does not end a $1.66 billion run.
Our report on Bitcoin crashing to a two-month low near $73,700 covers the same weak tape. The miner sales and the ETF outflows now point in the same direction, and both hit a market that already sits near its lowest level since August 21.
My take: this is a funding story, not a verdict on Bitcoin
The easy read of this story is wrong. Fourteen companies did not dump Bitcoin because they think it goes to zero.
They sold because they found something they want more than the coins: power contracts, data center shells, and a shot at AI rent. MARA even sold its post-September coins at $81,039, well above the current price, which looks like good timing rather than panic.
The risk sits on the other side of the trade. AI revenue of $341.2 million against $5.11 billion of spending means the pivot has to work, and soon.
Keel has no AI revenue at all yet, and its sites still need tenants, permits, and construction.
If AI tenants sign and pay, the miners will look smart for selling near the top. If tenants stay away, the miners will have sold Bitcoin at $74,000 to $81,000 to fund empty buildings.
Watch two numbers from here. First, watch whether IBIT outflows resume after the November 10 pause.
Second, watch whether any miner signs a named AI tenant before year end, because a signed lease would turn this story from a funding scramble into a real business.
For now, the honest summary is simple. Miners sold $8.08 billion of Bitcoin to buy a future in AI, and that future has not paid them back yet.
Our Bitcoin price prediction for 2026 sets out the year-end targets that this selling pressure now tests, from a $74,000 floor to a $150,000 dream.
FAQs
Here are the questions readers ask most about this sell-off, with short answers based on the figures above.
How much Bitcoin did listed companies sell in 2026?
Fourteen listed companies sold 108,247 BTC worth about $8.08 billion in 2026, according to Lookonchain data through November 10, 2026.
Which company sold the most Bitcoin in 2026?
MARA Holdings sold the most, with 40,581 BTC worth about $3.03 billion. Riot Platforms came second with 20,264 BTC worth about $1.51 billion.
Why are Bitcoin miners selling their Bitcoin?
Miners are selling to pay down debt and fund AI and high-performance computing data centers. MARA used $750 million of sale proceeds to repay Bitcoin-backed loans, and Riot used its proceeds for data center development.
Did MARA sell Bitcoin at a good price?
MARA sold 13,597 BTC after September 30 at an average near $81,039 per coin. That is $7,177, or 9.7 percent, above the Bitcoin price of about $73,862 on November 11, 2026.
Is the $8.08 billion figure a record of actual sales?
Not entirely. Lookonchain built the tally from wallet movements and company disclosures, and some figures are estimated outflows rather than confirmed spot sales.
Bitdeer in third place is one example.
Does the tally include Strategy?
No, Strategy is missing from the Lookonchain tally even though it is the largest corporate Bitcoin holder. Strategy bought 1,036 BTC during November 2 to 8, 2026, and its filings show it also sold small amounts earlier in the year.
Conclusion
Fourteen listed companies sold 108,247 BTC for about $8.08 billion in 2026, and miners did almost all of the selling. MARA and Riot alone accounted for 56.2 percent of the total.
The money went to debt repayment and AI data center building, not to an exit from crypto. Whether that trade pays off depends on AI tenants signing leases and paying rent, and the first proof will come in the next few months.
