Publicly traded bitcoin miners held 115,335 BTC as of Feb. 20, worth about $7.4 billion at recent prices.
That total fell 4.44% month-over-month, marking the first sustained contraction since miners began treating bitcoin as a balance-sheet asset.
Treasury sales pick up
Riot Platforms sold 1,818 BTC in December 2025, generating $161.6 million in net proceeds and ending with 18,005 BTC.
Bitdeer took a more aggressive route, liquidating its entire treasury.
It sold 189.8 BTC it mined and dumped 943.1 BTC from reserves while raising $300 million in convertible notes to fund an AI infrastructure pivot.
Margins squeezed after the halving
The April 2024 halving cut the block subsidy to 3.125 BTC, reducing daily issuance to roughly 450 BTC.
Transaction fees have contributed little to miner revenue, with CoinShares saying fees were “decisively below 1%” of total miner income.
Mining difficulty rose about 14.73% on Feb. 19 to roughly 144.40T, while hashprice fell back below $30 per petahash per day.
How much supply could hit the market
At 450 BTC per day of new issuance, the 115,335 BTC held by public miners equals about 256 days of supply.
A 10% liquidation would be about 11,533 BTC, or 26 days of issuance.
Treasury concentration is also high, with Marathon, Riot, CleanSpark, and Hut 8 holding 94,646 BTC, or 82.1% of disclosed public-miner reserves.
Stress signals and forward pricing
Luxor’s forward market implied a six-month hashprice near $28.73 per PH/s per day.
Glassnode’s Puell Multiple stood at 0.673 as of Feb. 23, below the 1.0 level associated with below-average miner revenue.
