How 37,700 BTC Left Corporate Balance Sheets

Core Scientific (Miner AI) Period: Jan 2026 BTC Sold: ~1,900 BTC Value: ~$175M Notes: Treasury sale · AI pivot Riot (RIOT) Period: Q1 2026 BTC Sold: ~3,778 BTC Value: ~$290M Notes: Miner...

Core Scientific (Miner → AI) Period: Jan 2026 BTC Sold: ~1,900 BTC Value: ~$175M Notes: Treasury sale · AI pivot Riot (RIOT) Period: Q1 2026 BTC Sold: ~3,778 BTC Value: ~$290M Notes: Miner sell-off (avg $76.6k) Cango (CANG) Period:

Feb–Mar BTC Sold: ~6,451 BTC Value: ~$448M Notes: Repay BTC loans + AI pivot Bitdeer (BTDR) Period: Feb 20+ BTC Sold: ~5,900 BTC Value: ~$380M Notes: AI/HPC pivot · $575M cash MARA (Miner) Period: Mar 4–25 BTC Sold: 15,133 BTC Value: $1.1B Notes: Debt buyback (−30%) Sequans (SQNS) Period: through May BTC Sold: ~928

BTC Value: ~$55–60M Notes: Redeem debt → exit crypto Strategy (MSTR) Period: Jun 29–Jul 5 BTC Sold: 3,588 BTC Value: $216M Notes: Dividends · 1st-ever sale cryptodiffer Analytics

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