Public Bitcoin miners collectively held 115,335 BTC as of Feb. 20, price roughly $7.4 billion on the latest value, however that treasury dropped 4.44% month-over-month, the primary sustained contraction since miners started stockpiling cash as balance-sheet belongings.
The decline wasn’t an accident. Riot Platforms bought 1,818 BTC in December 2025 for $161.6 million in internet proceeds. Bitdeer liquidated its complete treasury, promoting 189.8 BTC it mined plus dumping 943.1 BTC from reserves to fund a pivot into AI infrastructure backed by $300 million in convertible notes.
The sample suggests miner treasuries are shifting from strategic reserves to working capital, and the timing issues.
The market-implied hash value for the subsequent six months sits round $28.73 per petahash per day, a degree that makes older mining fleets uneconomic and forces operators to decide on between promoting Bitcoin, diluting fairness, or elevating costly debt.
The setup compresses miner margins from a number of instructions. Bitcoin’s April 2024 halving minimize block subsidies to three.125 BTC, decreasing day by day issuance to roughly 450 BTC. Transaction charges now contribute successfully zero to miner income, as CoinShares described charges as “decisively beneath 1%” of complete miner revenue.
Mining issue rose roughly 14.73% on Feb. 19 to round 144.40 terahash, whereas hashprice dropped again beneath $30 per petahash per day.
VanEck’s mid-February 2026 evaluation flagged the Antminer S19 XP as uneconomical above roughly $0.07 per kilowatt-hour below present circumstances.
Riot’s third-quarter 2025 metrics illustrated the squeeze: the corporate’s price to mine one Bitcoin was roughly $46,000 excluding depreciation, however $89,000 together with capital tools write-downs.
With Bitcoin buying and selling within the mid-$60,000 vary throughout components of early 2026, the hole between all-in price and spot value narrowed to the purpose the place treasury gross sales grew to become a rational type of liquidity administration.
| Firm | Treasury stance | BTC bought (interval) | Money raised / proceeds | Remaining BTC (post-action) | Funding transfer | Acknowledged use of funds |
|---|---|---|---|---|---|---|
| Riot Platforms (RIOT) | Selective liquidation (monetize a slice, maintain most reserves) | 1,818 BTC (Dec 2025) | $161.6M internet proceeds from BTC gross sales | 18,005 BTC | Treasury sale for liquidity (vs. full exit) | Operational liquidity / balance-sheet administration whereas persevering with to carry a big BTC reserve |
| Bitdeer (BTDR) | Full exit / zeroed treasury (treasury used as capex gas) | 1,132.9 BTC complete (reported Feb 2026): 189.8 BTC mined + 943.1 BTC from reserves | $300M convertible notes (plus $45M possibility); BTC-sale proceeds not specified within the report | 0 BTC | Convertible notes + treasury liquidation | AI/knowledge middle enlargement, AI cloud infrastructure, and mining {hardware} (AI pivot / HPC-style capex) |
Treasuries as days of recent issuance
At roughly 450 BTC per day in new issuance, the 115,335 BTC held by public miners represents roughly 256 days of recent provide.
A ten% liquidation would launch round 11,533 BTC, equal to 26 days of miner issuance. A 25% drawdown would quantity to twenty-eight,834 BTC, or 64 days of provide.
The seen stock pool issues as a result of it seems on audited steadiness sheets and is topic to quarterly disclosure necessities.
In contrast to decentralized mining operations, public miners report holdings and gross sales in SEC filings, making their treasuries essentially the most clear supply of marginal provide.
Treasury focus amplifies the dynamic. Marathon Digital holds 52,850 BTC, Riot Platforms 18,005 BTC, CleanSpark 13,513 BTC, and Hut 8 Mining 10,278 BTC.
These 4 names management the majority of disclosed reserves, which means promote strain is a operate of how these firms fund operations when hashprice stays weak.
Bitdeer’s trajectory exhibits the acute case: the corporate zeroed out its Bitcoin treasury whereas saying $300 million in convertibles for knowledge middle enlargement, AI cloud infrastructure, and mining {hardware}.
The pivot reframes Bitcoin holdings as capex gas, and if hash value stays close to present ranges, different miners could observe go well with.
The ahead market is pricing sustained stress
Luxor’s hashprice ahead market provides a quasi-forecast derived from market individuals hedging future profitability.
As of Feb. 16, the ahead curve priced the typical hash fee at $28.73 per petahash per day over the subsequent six months. That pricing suggests the market does not count on a fast rebound in profitability.
CoinShares floated the likelihood that international hashrate may attain 1.5 zettahash per second by mid-2026 if aggressive capability enlargement continues. A rising hashrate and not using a proportional improve in Bitcoin’s value would compress the hashprice additional.
The issue adjustment mechanism creates timing threat. Issue will increase lag hashrate surges, which means miners can expertise short-term profitability enhancements when hashrate drops, solely to see issue alter upward and erase these good points weeks later.
A Feb. 22 evaluation framed latest issue swings as a “issue up, hashprice down, charges skinny” setting that arrived exactly when miners wanted aid. The mismatch between when income improves and when issue recalibrates creates money stream volatility that pushes operators towards preemptive treasury gross sales.
Selective liquidation vs full exit
Riot’s December 2025 gross sales supply one playbook.
The corporate bought 1,818 BTC for $161.6 million, decreasing holdings to 18,005 BTC whereas retaining the vast majority of its treasury. The strategy alerts confidence that Bitcoin’s long-term trajectory justifies holding most reserves, even when short-term liquidity wants require partial monetization.
Riot’s price construction, with mining prices round $46,000 per BTC excluding depreciation, suggests the corporate can generate optimistic money stream if Bitcoin stays above that threshold.
Bitdeer represents the other excessive. The corporate liquidated its complete Bitcoin treasury, changing reserves into capital for AI and knowledge middle enlargement. The transfer reframes mining as one income line inside a diversified infrastructure enterprise.
Bitdeer’s $300 million convertible notes financing exhibits the corporate betting it could actually generate higher returns by deploying capital into AI cloud companies than holding Bitcoin.
If different miners conclude that AI infrastructure or energy monetization provides larger risk-adjusted returns, comparable treasury drawdowns may observe.
The BTC runway calculation
The true query is not whether or not miners will promote, however which miners should promote and the way a lot.
A simplified liquidity evaluation ranks miners by their “BTC runway,” which is the variety of months they’ll cowl working prices, curiosity, and capital commitments utilizing money, undrawn credit score services, and convertible debt issuance, earlier than needing to liquidate Bitcoin.
Miners with strong liquidity cushions can wait out low hash fee environments, whereas operators with skinny money buffers face strain to monetize their treasuries.
Offsets complicate the image. Internet hosting income from third-party miners, HPC contracts, energy curtailment funds, and tools gross sales can generate money stream impartial of Bitcoin mining.
Hedging methods utilizing futures or choices can lock in ahead costs. Miners with diversified income streams face totally different funding pressures than pure-play Bitcoin miners, who rely solely on block rewards and treasury appreciation.
Promote strain will not arrive uniformly, it can focus amongst operators with the shortest runways and the fewest different funding sources.
The market is already signaling stress
Glassnode’s Puell A number of, a metric that compares day by day miner income to its 365-day shifting common, stood at 0.673 as of Feb. 23.
Readings beneath 1.0 point out that miner income sits beneath its one-year common, a situation that traditionally precedes both business consolidation or pressured asset gross sales.
VanEck’s evaluation of the S19 XP threshold being uneconomical above roughly $0.07 per kilowatt-hour issues as a result of electrical energy prices throughout the business aren’t uniform.
Miners working in jurisdictions with low cost hydro or stranded gasoline get pleasure from margins that persist even because the hash value weakens. Operators in higher-cost areas face binary outcomes: relocate, improve to extra environment friendly {hardware}, or shut down.
Treasuries develop into funding variables
The shift from HODL narrative to working capital software reframes how the market ought to interpret miner steadiness sheets.
Public miners constructed treasuries in periods when the hash fee supported worthwhile operations, and Bitcoin’s value appreciated quicker than returns from different investments. That setting is reversed.
Hash value ahead curves sign sustained weak spot, transaction charges contribute negligibly, and tools obsolescence accelerates as issue rises.
The seen stock pool of 115,335 BTC throughout public miners represents 256 days of recent provide at present issuance charges, making even modest liquidation percentages significant within the day by day market context.
Riot and Bitdeer demonstrated the vary of responses: selective treasury gross sales to protect optionality versus full liquidation to fund diversification.
The variations lie in capital entry, income diversification, and administration’s view of Bitcoin’s risk-adjusted returns. So long as ahead hashprice expectations stay close to $28.73 per petahash per day and older fleets flip uneconomic above $0.07 per kilowatt-hour, miner treasuries will operate as a funding variable, not a HODL sign.
The market’s job is monitoring which miners promote, how a lot, and whether or not the gross sales symbolize tactical liquidity administration or systematic de-risking.