Bitcoin miners make bitcoin. You would expect them to be the ones holding the most of it. The Q3 2026 quarterly filings (10-Qs, quarter ended 30 September 2026) say several of them did the opposite.

These are the bitcoin counts as each company printed them, read from the filings into CoinBucha's results register: https://coinbucha.com/listed-bitcoin/results?utm_source=devto&utm_medium=post&utm_campaign=cb-miners-sold-devto

The miners that sold

company bitcoin at 30 Sep 2026 earlier count, as printed change
Riot Platforms (RIOT) 2,418 19,287 (30 Sep 2025) −87.5%
Core Scientific (CORZ) 32 2,537 (31 Dec 2025) −98.7%
Cipher Digital (CIFR) ~310 ~1,433 (31 Dec 2025) −78.4%
  • Riot: the filing's own reconciliation shows 20,264 bitcoin sold in the nine months. (The 2025 balance includes 3,300 restricted bitcoin.)
  • Core Scientific: Item 3 of the same 10-Q: "As of September 30, 2026, we held 32 bitcoin". Its revenue line is now colocation + self-mining + hosted mining.
  • Cipher Digital: approximate count as printed; this was also its first quarter with HPC (data-centre leasing) revenue.

The pattern behind it is in the revenue lines. TeraWulf (WULF, 18 BTC at 30 Sep, 3 at year-end) booked USD 76.2 million of revenue in Q3: USD 13.2 million from digital assets and USD 63.0 million from HPC leases, about 83% from renting out data-centre capacity. The miners are turning into landlords for compute, and the bitcoin on the balance sheet is going the other way.

The holders that kept buying

company bitcoin at 30 Sep 2026 earlier count, as printed
Strategy (MSTR) 847,666 640,031 (30 Sep 2025)
Strive (ASST) ~28,000 7,627 (31 Dec 2025)
Coinbase (COIN), held for investment 17,954 15,389 (31 Dec 2025)
Hut 8 (HUT), consolidated incl. American Bitcoin 16,787 10,343 (30 Sep 2025)
Tesla (TSLA) 11,509 11,509 (31 Dec 2025)
Block (XYZ), held for investment ~9,237 8,883 (31 Dec 2025)

Hut 8 is the miner that grew its pile, and its number includes its subsidiary American Bitcoin (which had pledged 3,090 BTC to Bitmain as collateral). Tesla printed one count, 11,509, for both dates: no change in its bitcoin since the end of 2025.

How to read these numbers

  • "Earlier count" is not always a year earlier. Several 10-Qs print the year-end balance, not the year-earlier quarter. The table says which date each comparison uses; a change is computed only where the printed figure allows it.
  • "Held for investment" is narrower than "on the balance sheet". Coinbase and Block keep customer bitcoin separately; those coins are not theirs and are not in the count.
  • Approximate counts stay approximate. Where a filing says "approximately", so does the register.
  • Strategy's headline is not its quarter-end. Its release headline (848,517 BTC) is dated 25 October; the 10-Q's quarter-end figure is 847,666.

Every row links to the filing it came from, rows are appended and never edited, and the calendar shows who reports next: https://coinbucha.com/listed-bitcoin/calendar?utm_source=devto&utm_medium=post&utm_campaign=cb-miners-sold-devto

Information only, not financial advice.