Miner Treasuries Diverge as MARA Sells Bitcoin and Strive Buys

Miner Treasuries Diverge Between Bitcoin Sales and Aggressive Buying

Two of the largest corporate Bitcoin (BTC) holders in the United States are heading different ways. MARA has spent 2026 selling coins, while Strive keeps adding thousands each week.

That is why miner treasuries diverge from the buy-and-hold image many readers still expect.

This article explains how miner treasuries diverge, using company filings to show what each firm did, why the balance sheets differ, and which numbers remain unconfirmed. It also asks what the split means for Bitcoin treasury companies overall.

What Did MARA Actually Sell in 2026?

MARA's reports give the clearest picture. The company held 53,822 $BTC at the end of 2025, and 35,577 Bitcoin by June 30, 2026, according to MARA's second-quarter 10-Q filing.

The filing says MARA sold about 23,093 for roughly $1.6 billion in the first six months. In the second quarter alone, it produced 2,422 BTC and sold 2,213 BTC, about nine of every ten coins mined.

Management calls Bitcoin both a long-term store of value and a source of cash. It adds that more sales may follow, depending on market conditions. That policy is the first reason miner treasuries diverge from pure holders.

Why Would a Miner Sell the Bitcoin It Mines?

Mining carries real costs, and bitcoin mining economics start with power. MARA's quarterly shareholder letter puts the purchased energy cost at $38,690 per Bitcoin in the second quarter, up from $33,735 a year earlier.

Selling coins turns output into cash for power, debt, and new projects. After the quarter closed, MARA also signed two Bitcoin-backed credit facilities worth $600 million in total, which it links to its Long Ridge acquisition.

Collateral cuts both ways. At June 30, 4,528 $BTC were pledged and 4,742 BTC were loaned out, so not every coin sits free in a wallet. Here, miner treasuries diverge from simple holdings, and BTC-backed loans explain part of the gap.

What Do the October Exchange Deposits Show?

Public blockchain data flagged two October movements from MARA-linked wallets. About 996 $BTC went to an address tied to an institutional trading firm in early October, and another 1,000 $BTC reached two large exchanges through October 19.

A deposit is not a sale, though. Coins sent to an exchange can be sold, lent, posted as collateral, or just moved, and MARA has not said which applies. Careful use of on-chain data treats wallet labels as estimates until a filing confirms them. If the coins were sold, the story of how miner treasuries diverge would gain another data point.

How Is Strive Taking the Opposite Path?

Strive's filings show steady buying. In its October 26 filing, the company reported buying 6,182 $BTC from October 17 to October 23 at about $82,732 per coin, lifting holdings to 43,000 BTC.

The week before, it bought 4,045 $BTC at roughly $82,803 each. Warrant exercises that raised about $369.2 million helped fund that purchase.

The same filing lists a 15% perpetual preferred stock called SATS. Preferred stock is a share class that pays a fixed dividend and usually ranks ahead of common shares. Strive has funded its buying through equity so far. On the buying side, miner treasuries diverge sharply from a model like this one.

Which Company Holds More Bitcoin Right Now?

The latest official numbers favor Strive, although the dates do not match. The table shows how far miner treasuries diverge in size and direction.

MARA's newest confirmed figure is four months older. Its third-quarter report will show where it stands today.

Strive's holdings rose from 19,864 BTC on June 30 to 43,000 BTC on October 23, a gain near 23,100 $BTC. That is close to MARA's first-half sales of 23,093 BTC. The match is a coincidence of scale, not proof of a trade between the firms.

Why Do Miner Treasuries Diverge From Pure Treasury Firms?

A miner earns Bitcoin but pays most bills in dollars. A treasury firm raises dollars from investors and converts them into Bitcoin.

Same asset, different pressure, which is why miner treasuries diverge. For MARA, a coin is inventory that may fund a power contract. For Strive, it is the product the company was built to accumulate.

Price timing widens the gap. MARA valued its holdings near $58,524 per coin at the end of June, while Strive's third-quarter purchases averaged $78,885. This is also why miner treasuries diverge faster in volatile markets, since costs stay fixed while prices move.

What Risks Sit Behind Both Strategies?

Neither approach is shielded from the market. Miner treasuries diverge in risk, too, but both sides stay exposed to Bitcoin prices:

• Price risk. MARA booked a $343.0 million fair-value loss on digital assets in the second quarter.

• Collateral risk. Bitcoin-backed credit lines usually carry terms that can require more coins if prices fall.

• Dilution risk. Funding purchases with new shares can shrink each holder's stake.

Readers weighing broader crypto market risks should also remember that wallet activity appears within days, while confirmed figures arrive weeks later.

Conclusion

MARA sold about 23,093 BTC in the first half of 2026 to fund operations and cut debt. Strive moved the other way and reported 43,000 BTC by October 23.

What stands out is the cause. The miner treasuries diverge; miners face energy and debt costs. Treasury firms raise capital to buy

What remains unclear is whether MARA's October deposits became sales. The next checks are MARA's third-quarter report and Strive's weekly purchase filings, which will show whether miner treasuries diverge further.

Disclaimer:

 This article is for information only and is not financial advice. Crypto assets and shares of companies that hold them carry high risk, and prices can fall quickly. Readers should research independently before making any decision.