Riot, MARA, and Nakamoto Offload Massive Bitcoin Holdings in Q1 – Here’s the Breakdown

In the first quarter of 2026, three major companies made massive Bitcoin sales, in what appears to be a significant change in their treasury strategies.

As the broader financial market reels under geopolitical turmoil, Riot Platforms, MARA Holdings, and Nakamoto have collectively offloaded over 19,000 BTC during the first three months of the year.

Riot Platforms

First up is Riot Platforms, which reportedly sold $289.5 million worth of Bitcoin in the first quarter of 2026. The company sold 3,778 BTC at an average of $76,626 per coin. By March’s end, Riot held 15,680 BTC, including 5,802 coins pledged as collateral. While it has yet to explain the reason for selling Bitcoin, it is important to note that the firm has been expanding into AI and high-performance computing.

The company mined 1,473 BTC in Q1 2026, slightly less than the 1,530 BTC mined in Q1 2025. Overall, in 2025, Riot reported record yearly revenue of $647.4 million, which is nearly 72% rise over the previous year’s $376.7 million.

Commenting on the 2025 performance, its CEO and Director, Jason Les, stated,

MARA Holdings

Meanwhile, MARA Holdings sold a much larger amount of Bitcoin. Between March 4 and March 25, MARA sold 15,133 BTC for around $1.1 billion. The company said the sales were part of a strategic adjustment to its balance sheet. Most of the proceeds were used to repurchase about $1 billion in 0% convertible senior notes due in 2030 and 2031.

The latest decision represents a departure from the company’s HODL strategy. MARA also cut roughly 15% of its workforce during the period as part of a broader transformation.

Nakamoto

Nakamoto, on the other hand, sold approximately 284 BTC in March and ended up earning about $20 million at an average of $70,422 per coin. The company had previously acquired 5,342 BTC since August 2025 at an average price of $118,171 per BTC. The sale reflected a decrease from the acquisition price.

Nakamoto described the sale as part of liquidity and capital management, which aims to support operations, reinvest in businesses, and cover working capital for recent acquisitions such as BTC Inc. and UTXO Management GP, LLC. Despite the sales, the company asserted that Bitcoin remains a long-term treasury asset.

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