How 37,700 BTC Left Corporate Balance Sheets

Core Scientific (Miner → AI)

Period: Jan 2026

BTC Sold: ~1,900 BTC

Value: ~$175M

Notes: Treasury sale · AI pivot

Riot (RIOT)

Period: Q1 2026

BTC Sold: ~3,778 BTC

Value: ~$290M

Notes: Miner sell-off (avg $76.6k)

Cango (CANG)

Period: Feb–Mar

BTC Sold: ~6,451 BTC

Value: ~$448M

Notes: Repay BTC loans + AI pivot

Bitdeer (BTDR)

Period: Feb 20+

BTC Sold: ~5,900 BTC

Value: ~$380M

Notes: AI/HPC pivot · $575M cash

MARA (Miner)

Period: Mar 4–25

BTC Sold: 15,133 BTC

Value: $1.1B

Notes: Debt buyback (−30%)

Sequans (SQNS)

Period: through May

BTC Sold: ~928 BTC

Value: ~$55–60M

Notes: Redeem debt → exit crypto

Strategy (MSTR)

Period: Jun 29–Jul 5

BTC Sold: 3,588 BTC

Value: $216M

Notes: Dividends · 1st-ever sale

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