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Fourteen publicly listed companies have sold about 108,247 BTC so far in 2026, according to on-chain tracker Lookonchain. At the time of the tally, that stash was worth roughly $8.08 billion.
Who is doing the selling
Lookonchain’s figures run year-to-date through November 10, 2026. The data draws on on-chain monitoring combined with corporate disclosures.
That methodology comes with a caveat worth flagging. Some of the numbers reflect estimated outflows tied to various trading strategies, not just clean spot sales.
MARA Holdings sits firmly at the top of the list. The miner has sold 40,581 BTC at an average price of around $74,446 per coin, for a total of approximately $3.03 billion.
Riot Platforms comes in second. It has disposed of 20,264 BTC at an average of approximately $73,231, generating around $1.51 billion.
The rest of the notable sellers are a step down in size but still substantial:
- Bitdeer: about 10,553 BTC
- Cango: about 7,001 BTC
- CleanSpark: about 5,715 BTC
Together, the top five sellers moved a combined 84,114 BTC. That works out to approximately 77.7% of all the Bitcoin sold by the 14 companies tracked.
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Why miners are parting with their coins
The list is dominated by Bitcoin mining companies, and that matters for how the numbers should be read.
Miners are not passive treasury holders. They generate Bitcoin as part of their core operations, and selling some of that output is a normal part of running the business.
Lookonchain’s data indicates that some of the reported figures are linked to strategic debt repayment, while others relate to investments in artificial intelligence.
What this means for the market
The research behind the report frames this as a shift among miners from accumulation toward liquidation. That framing may point to a more cautious stance on current market conditions.
The research points to companies like Strategy as the counterweight worth watching. Miners are feeding coins into the market while treasury-focused firms continue to soak them up.
There is also a disclosure lesson buried in the data. Because some figures are estimates based on wallet movements, investors should treat on-chain sell tallies as a strong signal rather than a final accounting. A transfer out of a company wallet can mean a sale. It can also mean collateral being posted, coins being shifted to a custodian, or a hedging position being set up.
With five companies responsible for approximately 77.7% of the selling, any change in course from MARA, Riot, or Bitdeer could noticeably shift the supply picture.
