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 approach to managing digital 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 notable 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 yearly 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 utilized to repurchase around $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 Bitcoin. 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, it is known that the company sold a significant portion of its Bitcoin reserves in Q1 2026. The motivation behind Nakamoto's sales is not explicitly stated, but the company has been under pressure to manage its treasury amidst the economic uncertainty.
These Bitcoin sales by Riot, MARA, and Nakamoto highlight the challenges faced by major Bitcoin holders in navigating the current market volatility. As geopolitical tensions and economic instability persist, companies are reassessing their treasury strategies to ensure financial stability. While the exact reasons behind these sales remain unclear, it is evident that these companies are adapting to the changing landscape, prioritizing liquidity and strategic asset management.
The collective Bitcoin sales by these major holders also underscore the broader trend of Bitcoin being used as a hedge against economic uncertainty. As investors and corporations seek to diversify their risk, Bitcoin continues to play a significant role in treasury management. However, the recent moves by Riot, MARA, and Nakamoto suggest that even established Bitcoin holders are cautious in their approach, carefully weighing the risks and benefits of maintaining large Bitcoin reserves.
In conclusion, the first quarter of 2026 has seen a significant shift in the treasury strategies of major Bitcoin holders, with Riot, MARA, and Nakamoto offloading over 19,000 BTC. These sales reflect the challenges of managing digital assets in a volatile market and the need for companies to adapt their strategies to ensure financial stability. As the broader financial market continues to grapple with uncertainty, the decisions of these major players will likely influence the trajectory of Bitcoin's role in treasury management and its overall market position.




