Public Bitcoin miners are selling reserves at a faster pace, and the shift is becoming visible in corporate treasury decisions. In December 2025, Riot Platforms sold 1,818 BTC for $161.6 million in revenue, while Bitdeer liquidated all 1,132.9 BTC it had mined and reserved, taking its Bitcoin balance to zero. The article says proceeds from Bitdeer’s sale, together with a new $300 million convertible loan, were redirected to artificial intelligence projects and data center investments.
Post-halving pressure is changing how miners treat reserves
The broader pattern is clear. More miners are no longer treating Bitcoin reserves as passive balance-sheet holdings and are instead using them as operating capital. That change is tied to tighter margins across the sector, where weaker revenue conditions and higher operating strain are forcing companies to rethink how long they can afford to sit on mined coins.
Bitcoin’s April 2024 halving cut the block reward to 3.125 BTC and lowered daily new issuance to 450 BTC. At the same time, transaction fees, which had previously made up a more meaningful slice of mining income, fell close to zero. By February 19, 2026, mining difficulty had climbed to 144.40 terahashes after a 14.73% jump, while hashprice slipped below $30 per day.
Rising production costs are pushing more frequent Bitcoin sales
Riot Platforms’ third-quarter financials show how heavy the cost burden has become. The company reported an operating cost of about $46,000 to mine one Bitcoin. Including full asset depreciation, that number rose to $89,000. Figures like these help explain why miners are selling coins more often and adjusting treasury strategy to protect liquidity. The issue is not abstract. Cash has to be available.
As of February 2026, major players including Marathon Digital, Riot Platforms, CleanSpark, and Hut 8 Mining controlled 82% of all publicly held Bitcoin reserves. With reserve ownership concentrated at that level, treasury decisions by a handful of large miners have an outsized effect on market selling pressure and reserve flows.
Large miners are splitting into different playbooks
Not every company is responding in the same way. Bitdeer chose a full exit from its Bitcoin reserve position and shifted capital toward new growth areas. Other large miners have kept most of their holdings intact, selling only when immediate liquidity needs leave little room to wait. That divide suggests reserves are now being managed as a strategic funding tool tied to expansion, financing, and equipment cycles.
Conditions in hashrate forward markets add another layer of stress. The source notes that the average six-month price stood at $28.73 per PH/day, putting older fleets under more pressure to either sell more Bitcoin or look at borrowing. Energy costs matter just as much. Analysis cited from VanEck said mining rigs operating above $0.07 per kWh were no longer profitable under current conditions.
By the end of February, Glassnode’s Puell Multiple had fallen to 0.673, a sign that miner revenue was trailing its annual average. In that environment, the article points to rising pressure for consolidation, with more asset sales and mergers potentially ahead. For the Bitcoin market, public miner reserves have become a meaningful source of supply, and changes in those balances remain a closely watched indicator.