Public bitcoin treasury holders liquidated more than 24,000 BTC in Q1 2026, worth approximately $1.7 billion, in the broadest corporate and sovereign sell-off since the asset class entered institutional balance sheets. MARA Holdings, Riot Platforms, Bitdeer Technologies, Cango, Genius Group, Naka...
"MARA remains focused on executing our strategic evolution from a pure-play Bitcoin miner into an energy and digital infrastructure company." — MARA Holdings Spokesperson, April 2026
Public bitcoin treasury holders liquidated more than 24,000 BTC in Q1 2026, worth approximately $1.7 billion, in the broadest corporate and sovereign sell-off since the asset class entered institutional balance sheets. MARA Holdings, Riot Platforms, Bitdeer Technologies, Cango, Genius Group, Nakamoto Holdings, and the Royal Government of Bhutan all reduced or fully eliminated positions during the quarter.
The selling occurred against a backdrop of compressed post-halving mining margins, rising energy costs, and a 35% decline in hash-price revenue. JPMorgan estimates the average BTC production cost at $77,000, while the spot price closed Q1 near $66,800 — placing most miners below breakeven on a fully loaded basis. At least three companies — Bitdeer, Genius Group, and Cango — explicitly cited AI infrastructure investment as a reason for liquidation.
Counterbalancing the exits, Michael Saylor's Strategy purchased 88,594 BTC for $7.25 billion in Q1, accounting for 94% of all corporate bitcoin acquisitions. The concentration has reached a level where Strategy holds roughly 65% of all bitcoin on public company balance sheets. That single-entity dominance raises questions about the structural resilience of the corporate treasury thesis.
The scale of Q1 2026 liquidations marks a structural shift. According to CoinDesk, public bitcoin treasury companies collectively hold approximately 1,164,800 BTC — more than 5% of the 21 million total supply. In Q1, at least seven entities reduced that figure materially:
| Entity | BTC Sold | Proceeds | Avg. Price | Remaining Holdings | |--------|----------|----------|------------|-------------------| | MARA Holdings | 15,133 | ~$1.1B | ~$65,300 | Not disclosed | | Riot Platforms | 3,778 | $289.5M | $76,626 | 15,680 BTC | | Cango | 4,451 | ~$305M | ~$68,000 | ~40% of prior | | Bitdeer Technologies | ~2,000 | Not disclosed | Not disclosed | 0 BTC | | Bhutan (Druk Holdings) | 3,103+ | ~$158M net outflow | Various | ~4,400-5,400 BTC | | Nakamoto Holdings | 284 | $20M | $70,422 | ~5,058 BTC | | Genius Group | 84 | $8.5M (debt repay) | Various | 0 BTC |
Total identified Q1 sell-side volume: approximately 28,833 BTC, worth an estimated $1.9 billion. The actual figure is likely higher, as several smaller treasury firms also reduced positions during the quarter.
During the same period, all corporate buyers combined — excluding Strategy — added only 4,000 BTC. Strategy alone purchased 88,594 BTC.
The April 2024 halving cut block rewards from 6.25 to 3.125 BTC. Eighteen months later, the full economic impact is visible.
Bitcoin's network hashrate surpassed 800 EH/s in early 2026, with mining difficulty reaching all-time highs. Hash-price revenue — the metric measuring daily income per unit of hashpower — has fallen 35% from pre-halving levels, according to CCN. JPMorgan's mining economics model places the average production cost at $77,000 per BTC, with hashprice at $34.05/PH/s/day.
With bitcoin trading near $66,800 at Q1 close, the average miner was operating at a loss on a fully loaded cost basis. The breakeven electricity rate has compressed to approximately $0.07-$0.08/kWh for most operations. Miners with power costs above that threshold face negative unit economics on every coin produced.
ROI timelines for new mining hardware have extended beyond 1,000 days, according to industry analysis, compared to 300-400 days during the 2024 bull market. The economics now favor operators with sub-$0.04/kWh power, latest-generation ASICs (sub-15 J/TH efficiency), and sufficient scale to absorb fixed infrastructure costs.
The result: an industry-wide shift from accumulation to liquidation.
MARA sold 15,133 BTC between March 4 and March 25 for approximately $1.1 billion. The proceeds were used to repurchase convertible senior notes due in 2030 and 2031 at roughly a 9% discount to par, reducing total convertible debt from $3.3 billion to approximately $2.3 billion — a 30% cut.
The company subsequently laid off approximately 15% of its workforce — roughly 40 positions out of 266 full-time employees — in at least two rounds during the first week of April. According to Blockspace, which first reported the layoffs, the cuts spanned multiple departments.
MARA indicated that selling bitcoin could become a recurring element of its treasury strategy, with plans to liquidate additional holdings "from time to time" throughout 2026.
Riot sold 3,778 BTC in Q1 for $289.5 million at an average net price of $76,626. The company sold 2.5 times the 1,473 BTC it mined during the quarter. Holdings fell to 15,680 BTC, down 18% from 19,223 BTC at Q1 2025 close.
The sales follow roughly $200 million in bitcoin liquidations during late 2025 that financed Riot's Corsicana, Texas AI data center project. Riot entered a ten-year partnership with AMD in January 2026, committing 25 MW of initial capacity (scalable to 200 MW) with projected contract revenue of $311 million.
Despite the sales, Riot reduced its all-in power cost to $0.03/kWh — a 21% decline year-over-year — while increasing deployed hashrate 26% to 42.5 EH/s.
Bitdeer fully liquidated its bitcoin treasury by February 21, 2026, reducing holdings from roughly 2,000 BTC at year-start to zero. The company sold its remaining 943.1 BTC plus 189.8 BTC of weekly production in a single operational update.
Bitdeer simultaneously announced a $43.7 million equity offering and a $325 million convertible note agreement, directing proceeds toward AI and high-performance computing infrastructure. Shares fell approximately 17% following the disclosure.
Cango sold 4,451 BTC for approximately $305 million at around $68,000 per coin, reducing its digital asset holdings by 60%. Proceeds settled in USDT and were used to partially repay a bitcoin-collateralized loan. The company posted a $452.8 million net loss in its first full year as a bitcoin miner.
Genius Group liquidated its entire remaining treasury of 84.15 BTC on April 1, 2026, fully repaying $8.5 million in debt. The company had peaked at 440 BTC in March 2025 under a "Bitcoin first" strategy that pledged 90%+ of reserves to BTC. A U.S. court order blocking new share issuance forced the liquidation.
Despite the treasury wipeout, Q1 operational revenue reached $3.3 million (up 171% year-over-year) and adjusted EBITDA turned positive at $600,000.
David Bailey's Nakamoto Holdings sold 284 BTC in March for $20 million at an average price of $70,422 — well below its weighted average purchase price of $118,171. The company also sold $11.1 million in Metaplanet shares during Q1 to establish a U.S. dollar operating reserve and service interest on a Kraken loan.
Bhutan's state-owned investment arm, Druk Holding and Investments (DHI), has systematically reduced its bitcoin position from a peak of more than 13,000 BTC in October 2024 to between 4,400 and 5,400 BTC — a decline of approximately 58%.
Total 2026 outflows through late March exceeded $158 million, with only $38.8 million flowing back. According to CoinDesk, Bhutan appears to utilize over-the-counter desks including Singapore-based QCP Capital to execute trades with minimal market impact.
Bhutan mined its coins using surplus hydropower, meaning its cost basis is effectively zero. In December 2025, the government unveiled a National Bitcoin Development Pledge committing up to 10,000 BTC to fund Gelephu Mindfulness City, a special economic zone. The ongoing sales appear aligned with that infrastructure commitment.
The pattern of sales — consistent size, consistent counterparty, consistent timing — suggests a treasury management playbook rather than reactive selling, according to blockchain analysts.
While the rest of the market sold, Michael Saylor's Strategy purchased 88,594 BTC for $7.25 billion in Q1 at a volume-weighted average price of $80,929. The company now holds 762,099 BTC — roughly 65% of all bitcoin on public company balance sheets.
The Q1 purchases were funded primarily through dilution of MSTR common stock and sales of STRC preferred shares (paying an 11.5% annualized dividend). According to Protos, Strategy's Q1 buying resulted in $1.25 billion in unrealized losses, as 80% of weekly purchase filings showed acquisitions above the midpoint of available price ranges.
As of Q1 close, bitcoin traded at $66,830, or 11.7% below Strategy's average cost basis of $75,694. Lifetime unrealized losses on the portfolio stood at approximately $6.7 billion.
The concentration creates a structural asymmetry: Strategy alone accounted for 94% of all corporate bitcoin purchases in Q1, while 194 other public companies combined added only 4,000 BTC. If corporate bitcoin ownership was once framed as a broad institutional trend, it has consolidated into what is effectively a single-name bet.
A common thread across the sell-offs is capital reallocation toward AI and high-performance computing infrastructure. Of the seven entities that sold in Q1:
The pivot reflects a straightforward economic calculation. Bitcoin mining hardware generates revenue only when hash-price exceeds operating cost. AI/HPC hosting generates contracted revenue — often with multi-year terms and fixed pricing — regardless of cryptocurrency market conditions. Riot's AMD contract, for example, guarantees $311 million over ten years at a facility that currently mines bitcoin.
The shift does not eliminate exposure to bitcoin. Most miners retain partial positions and continue operating mining hardware alongside AI infrastructure. But the era of pure-play, bitcoin-maximalist mining companies holding 100% of production appears to be closing.
The Q1 2026 bitcoin treasury unwind represents the first large-scale test of the corporate HODL thesis that gained traction in 2020-2024. The results are mixed. Companies with strong balance sheets, low-cost power, and diversified revenue streams (Riot, MARA) are selling strategically while retaining meaningful positions. Companies with leverage, concentrated exposure, and limited operational revenue (Genius Group, Nakamoto) were forced sellers at realized losses.
The market has bifurcated. On one side, Strategy continues to accumulate — now holding more bitcoin than all other public companies combined. On the other, the rest of the corporate treasury landscape is net-selling for the first time, redirecting capital toward AI infrastructure with more predictable cash flows.
The post-halving economics are structural, not cyclical. Block rewards will not increase. Hashrate competition is unlikely to decrease. For miners whose cost of production exceeds the market price of the asset they produce, the arithmetic points in one direction. The Q1 data shows that direction clearly.