Riot, MARA, and Nakamoto Offload Massive Bitcoin Holdings in Q1 – Here’s the Breakdown
Bitcoin sales by Riot, MARA, and Nakamoto demonstrate how major holders are managing treasury assets in the present volatile climate.

In the first quarter of 2026, three major companies—Riot Platforms, MARA Holdings, and Nakamoto—made significant Bitcoin sales, reflecting a shift in their treasury strategies amidst the volatile financial climate. Collectively, these companies offloaded over 19,000 BTC during the first three months of the year, signaling a pivot in their management of cryptocurrency assets.
Riot Platforms initiated the wave of Bitcoin sales, reporting the sale of $289.5 million worth of Bitcoin in Q1 2026. The company sold 3,778 BTC at an average price of $76,626 per coin. By the end of March, Riot held 15,680 BTC, with 5,802 coins pledged as collateral. While the company has not disclosed the reasons behind the Bitcoin sales, it is worth noting that Riot has been expanding its focus into AI and high-performance computing. In Q1 2026, Riot mined 1,473 BTC, slightly less than the 1,530 BTC mined in Q1 2025. Riot's 2025 financial performance was marked by record-breaking revenue of $647.4 million, representing a nearly 72% increase over the previous year's $376.7 million. CEO and Director Jason Les commented on the 2025 results, stating, "2025 marked a watershed year for Riot, defined by a strategic evolution in our business that has transformed our future trajectory. With proven development expertise, a world-class asset base of readily available power in key data center markets, and over $1.9 billion in liquidity, we are uniquely equipped to aggressively scale our infrastructure footprint."
MARA Holdings followed suit with a much larger Bitcoin sale. Between March 4 and March 25, MARA sold 15,133 BTC for approximately $1.1 billion. The company attributed the sales to a strategic adjustment of its balance sheet. Most of the proceeds were used to repurchase about $1 billion in 0% convertible senior notes due in 2030 and 2031. This decision marks a departure from MARA's previous "HODL" strategy, which emphasized long-term holding of cryptocurrencies. Additionally, MARA announced workforce reductions of roughly 15% during the period as part of a broader transformation initiative.
Nakamoto, the third major player in the Bitcoin sales, also offloaded a substantial amount of its holdings. While the exact figures are not publicly disclosed, the company's decision to sell Bitcoin aligns with the trend set by Riot and MARA. The rationale behind Nakamoto's move remains unclear, but it is likely influenced by the need to manage treasury assets in the face of market volatility and geopolitical uncertainties.
The collective Bitcoin sales by Riot, MARA, and Nakamoto highlight the challenges faced by major cryptocurrency holders in navigating the current economic landscape. As companies adjust their treasury strategies, they must balance the potential risks and rewards of holding Bitcoin amidst fluctuating market conditions. The decisions made by these companies could serve as a precedent for other entities managing significant Bitcoin holdings, influencing the broader cryptocurrency market dynamics.
In conclusion, the first quarter of 2026 has witnessed a notable shift in the treasury strategies of major Bitcoin holders, with Riot Platforms, MARA Holdings, and Nakamoto offloading over 19,000 BTC. These sales reflect the challenges of managing cryptocurrency assets in a volatile market and may signal a broader trend among companies adjusting their holdings to align with changing economic conditions. As the financial landscape continues to evolve, it will be interesting to observe how these companies and others in the industry adapt their strategies to capitalize on opportunities while mitigating risks.




