Bitcoin mining companies liquidate 15 BTC and rush to AI with tight margins.

• Bitcoin mining companies sell reserves to bolster cash flow.
• Falling hash price puts pressure on margins and debt.
• AI infrastructure becomes a priority and drains capital.

The recent reduction in reserves held by public Bitcoin miners reinforces signs that the strategy of holding BTC as a core treasury asset, popularized during the 2024-2025 bull run, is losing ground. In recent months, large companies in the sector have begun selling a significant portion of their holdings, a move associated with squeezing margins and increased capital requirements.

Reports indicate that Cango liquidated approximately 4.451 BTC last month, equivalent to about 60% of its reserves. During the same period, Bitdeer reportedly sold off all Bitcoin held in treasury, showing that the pressure for liquidity is not limited to a single operation.

Other companies are also on the radar. Riot Platforms and Core Scientific made sales at the end of last year and, according to projections mentioned by analysts, planned to sell around 2.500 units in the first quarter. Combined, the major mining companies sold more than 15.000 Bitcoins in five months, after the Bitcoin crash in October reduced their profit-generating capacity.

Part of the capital released from these sales has been directed towards AI infrastructure. The focus on data centers and computing capacity has increased planned spending, leading companies to prioritize cash flow and financing. Meanwhile, factors such as more intense competition, more expensive energy, and the devaluation of Bitcoin itself have reduced room for maneuver: the high margins observed in 2021 are no longer being repeated, putting pressure on those who depend mainly on mining.

In a statement, Riot Games said that "the continued drop in the price of bitcoin may require them to sell more than expected in order to maintain sufficient cash flow for daily operations and working capital."

Marathon Digital Holdings (MARA) also adjusted its strategy. The company revised its policy to allow the liquidation of reserves, and not just the sale of newly mined coins, despite having more than 53.000 BTC as of December 31, 2025.

With the price of hashing quoted at US$30 per PH/s per day, analyses indicate that many mining companies are operating with near-zero margins. TheEnergyMag noted that, "Historically, the difference between the price of hashing and the cost of hashing has been one of the main reasons for asset liquidations."