Current Status of BTC Deposits and Sales (August
Published 8/7/2026, 12:10:55 PM
As of August 2026, research indicates that MARA Holdings (MARA) and Riot Platforms (RIOT) have transitioned from long-term "HODL" strategies to aggressive treasury management, utilizing NYDIG for systematic Bitcoin liquidations. These deposits are a primary driver of mining sector selling pressure, as firms liquidate reserves to fund a structural pivot toward Artificial Intelligence (AI) and High-Performance Computing (HPC) infrastructure.
Current Status of BTC Deposits and Sales (August 2026)
Both companies have established programmatic selling patterns through NYDIG, typically utilizing structured Over-the-Counter (OTC) sales to mitigate immediate exchange order book impact.
| Metric | MARA Holdings | Riot Platforms |
|---|---|---|
| Q1 2026 BTC Sales | 15,133 BTC (~$1.1B) | 3,778 BTC (~$289.5M) |
| NYDIG Deposit Pattern | Authorized sale of entire 53,822 BTC treasury [Contested] | Systematic 500 BTC/month deposits since April 2026 |
| Sell-to-Production Ratio | ~57% of monthly production | 2.56x production (selling reserves) |
| Primary Driver | Debt reduction ($367.5M note repurchase) | AI data center expansion & operations |
| Current Holdings | 36,303 BTC (down from 53,822) | 15,680 BTC (18% YoY decline) |
Note: While reports indicate MARA "intends to sell" its entire treasury, actual Q1 2026 sales were limited to 15,133 BTC, leaving 36,303 BTC in their current holdings [Contested: not independently confirmed].
Sector-Wide Selling Pressure and the AI Pivot
The broader mining sector reached a historic peak of selling pressure in early 2026, with public miners offloading over 32,000 BTC in Q1—the largest quarterly outflow on record. This pressure is driven by two main factors:
- Profitability Crisis: In March 2026, the average production cost rose to approximately $87,000/BTC, while market prices hovered near $67,000. This forced miners to sell at a loss of roughly $20,000 per coin.
- Revenue Diversification: Miners are aggressively liquidating BTC to fund the transition to AI hosting. It is estimated that by late 2026, up to 70% of miner revenue could be derived from AI/HPC contracts rather than Bitcoin mining [Verified: CoinShares Content Hub].
Market Absorption and Counter-Pressures
Despite the significant selling pressure from miners, institutional accumulation has provided a partial buffer. In March 2026, MicroStrategy reportedly accounted for 94% of all public-company BTC acquisitions.
- Institutional Inflow: MicroStrategy purchased at least 17,994 BTC in early March 2026, with some reports suggesting a monthly total as high as 44,377 BTC [Contested: 44,377 BTC figure not independently confirmed].
- Network Health: Hashprice has compressed to $28–$35/PH/s/day, leading to three consecutive negative difficulty adjustments as less efficient miners capitulate.
Conclusion
The continued BTC deposits to NYDIG by MARA and Riot are not merely operational transfers but signals of sustained selling pressure. While the peak of forced selling may have occurred in Q1 2026, the structural capital requirements for the AI transition suggest that these major miners will remain net sellers through the remainder of the year.
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