Lookonchain: 14 public companies sold 108,247 BTC worth $8.08 billion in 2026
In brief
- Lookonchain estimates 14 public companies sold about 108,247 BTC year-to-date through November 10, 2026.
- The coins were worth roughly $8.08 billion at the time of the tally.
- MARA Holdings led sellers with an estimated 40,581 BTC, about $3.03 billion in total.
- The top five sellers accounted for approximately 77.7% of the group's bitcoin sold.
- Some outflows may reflect collateral, custody moves or hedging rather than outright spot sales.
MARA and Riot top the list
MARA Holdings sold 40,581 BTC at an average price of about $74,446 per coin, for a total of roughly $3.03 billion, according to Lookonchain's year-to-date tally. Riot Platforms came in second. Lookonchain puts its total at 20,264 BTC, sold at an average of approximately $73,231 for around $1.51 billion.
The top five sellers moved a combined 84,114 BTC. That's approximately 77.7% of all the bitcoin sold by the 14 companies Lookonchain tracked.
These are estimates, not clean spot sales
Lookonchain's data combines on-chain monitoring with corporate disclosures, and some of the figures reflect estimated outflows tied to various trading strategies (not just straight spot sales). That's an important caveat. A transfer out of a company wallet can be a sale, but it can also be collateral being posted, coins moving to a custodian, or a hedging position being set up.
Context matters too. Miners aren't passive treasury holders; they generate bitcoin as part of their core operations, and selling some of that output is a normal part of the business. Lookonchain's data indicated that some of the reported figures were linked to strategic debt repayment, while others related to investments in artificial intelligence.
A shift from accumulation to liquidation?
The research behind the Crypto Briefing report frames the activity as a shift among miners from accumulation toward liquidation. The report said that framing may point to a more cautious stance on current market conditions.
The selling is concentrated.
That's why the report singled out treasury-focused firms such as Strategy as the counterweight, since they've continued to absorb coins that miners sell. With five companies responsible for roughly 77.7% of the selling, the report said any change in course from MARA, Riot or Bitdeer could noticeably shift the supply picture.
Frequently asked questions
Does a bitcoin outflow from a company wallet always mean a sale?
No. According to the Crypto Briefing report, a transfer out of a company wallet can be a sale, but it can also be collateral being posted, coins moving to a custodian, or a hedging position being set up. Lookonchain's figures include some estimated outflows tied to trading strategies, not only spot sales.
Why are bitcoin miners selling BTC in 2026?
Miners generate bitcoin as part of their core operations, and selling some of that output is a normal part of their business. Lookonchain's data indicated that some of the reported figures were linked to strategic debt repayment, while others related to investments in artificial intelligence.
