MARA and Riot Lead Lookonchain’s $8B Corporate Bitcoin Sales Tally
Lookonchain lists 108,247 BTC across 14 public companies, led by MARA and Riot. The tally includes estimated outflows and derivative-related deliveries.
Key Notes
- Lookonchain lists 108,247 BTC across 14 public companies in its November 10 snapshot.
- MARA and Riot account for about 56% of the Bitcoin in the tally.
- Estimated outflows and derivative-related deliveries mean the chart is not a uniform record of spot sales or cash proceeds.
Fourteen public companies appear in a Lookonchain tally of 108,247 Bitcoin sold or otherwise transferred out during 2026, with the coins assigned a combined value of approximately $8.08 billion.
The November 10 snapshot is led by MARA Holdings at 40,581 BTC and Riot Platforms at 20,264 BTC. Together, the miners account for 60,845 BTC, or about 56.2% of the total, calculated from the chart.
The compilation highlights how some miners are monetizing Bitcoin to fund debt repayments and data-center expansion. Its entries combine different transaction types, however, and the dollar labels should be distinguished from disclosed cash proceeds.
MARA’s Sales Match Company Disclosures
MARA’s shareholder letter reports sales of 26,984 BTC for approximately $1.9 billion during the first nine months of 2026. After September 30, it sold another 13,597 BTC for about $1.1 billion, at an average of $81,039 per coin.
Those two periods add up to Lookonchain’s 40,581-BTC figure. They are parts of the same cumulative tally, so the post-quarter sales should not be added again.
The company used $750 million of the subsequent proceeds to repay Bitcoin-backed loans. As CoinScreamer’s MARA earnings coverage explained, repayment released 17,477 BTC previously pledged as collateral. Those returned coins were already owned by MARA.
Riot Uses Bitcoin to Finance Data Centers
Riot’s quarterly filing confirms 20,264 BTC sold in the nine months ended September 30. Its financial statements record proceeds of approximately $1.484 billion, compared with the chart’s $1.51 billion label.
Riot says the sales primarily funded data-center development and repayment of its $200 million credit facility. It ended September with 2,418 BTC and expects to keep selling substantially all newly mined Bitcoin to support projects, operations and working capital.
The financing shift also appears in Core Scientific’s mining exit plan. Its disclosed 3,374 BTC of nine-month sales generated $286.8 million, another example of proceeds differing from the chart’s dollar valuation.
Mining sales can include coins produced during the year as well as previously accumulated reserves. Their volume therefore cannot be reconstructed simply by subtracting one quarter-end Bitcoin balance from another.
The Tally Includes Estimates and Deliveries
Bitdeer ranks third at 10,553 BTC, but Lookonchain identifies that figure as estimated January–September outflows. An outflow alone does not establish an executed sale. Cango follows at 7,001 BTC.
CleanSpark’s 5,715-BTC entry includes 3,654 BTC in options or basis-related deliveries. Treating the entire amount as ordinary spot selling would erase that distinction.
The remaining names are Empery Digital, Keel/Bitfarms, Hut 8, HIVE Digital, IREN, Cipher Digital, Sequans and KULR, alongside Core Scientific.
The list also does not measure net buying across all public companies. Strategy’s latest purchase disclosure added 1,036 BTC during November 2–8. Corporate treasury decisions continue to diverge according to financing needs and business models.
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