Odaily Planet Daily reports that publicly traded Bitcoin mining companies have sold over 15,000 BTC since October last year, marking a shift from the previous bullish holding strategy. October last year was the market peak, and the subsequent sharp correction triggered deleveraging across the industry.
Data from Miner Weekly, part of TheEnergyMag, shows that several major mining companies participated in this round of selling: Cango sold 4,451 BTC in February, accounting for about 60% of its reserves; Bitdeer reportedly liquidated all its Bitcoin reserves last month; Riot Platforms sold multiple batches of BTC in December last year; Core Scientific plans to sell approximately 2,500 BTC in the first quarter of this year.
The largest publicly traded miner, MARA Holdings, drew attention this week due to an update in regulatory documents indicating it may buy and sell Bitcoin simultaneously to maintain flexibility. MARA Vice President Robert Samuels clarified that the document allows for flexible sales but does not imply large-scale liquidation. MARA currently holds over 53,000 BTC, making it the second-largest publicly traded Bitcoin holder after Strategy.
Industry profit margins continue to narrow, with some analysts stating that this is the most severe profit squeeze in the history of mining. CleanSpark has fully repaid its Bitcoin-backed loan to reduce financial risk.
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