Publicly traded Bitcoin miners MARA and Riot Platforms both sent fresh deposits to custodian NYDIG within hours of each other, according to on-chain tracker Lookonchain. MARA, which holds 36,303 BTC worth roughly $2.34 billion, deposited 200 BTC ($12.86 million), while Riot Platforms added another 381 BTC ($24.51 million) — a combined 581 BTC moved into custody in a single window.
Deposits to NYDIG have become a closely watched leading indicator in the mining sector, since miners typically route Bitcoin there ahead of selling it to cover operating costs or service debt, rather than holding it as long-term treasury. Riot in particular has kept up a steady cadence of similar transfers throughout 2026, including a 500 BTC deposit earlier in the year worth roughly $30 million, part of a pattern industry watchers have described as an extended sell streak rather than an isolated event.
Margins remain the driver
Both miners have reported financial strain this year that helps explain the continued selling. MARA posted a $611 million loss in its second-quarter results, with its total Bitcoin holdings down 29% year-over-year to 35,577 BTC even before this latest deposit. Earlier in 2026, MARA sold over 15,000 BTC between early and late March alone, generating roughly $1.1 billion used primarily to repurchase the company's outstanding convertible notes, while Riot separately disclosed total 2026 sales of nearly 3,800 BTC for close to $290 million. The pattern points to public miners increasingly treating their Bitcoin holdings as a funding source for debt management rather than a pure treasury play.
A tougher environment for pure-play mining
The steady drip of NYDIG deposits from two of the largest publicly listed miners lines up with broader industry data showing rising financial pressure across the mining sector, with recent estimates suggesting nearly a quarter of active mining machines are now running at a loss given current network difficulty and power costs. That backdrop helps explain why some miners, like Firmus, have chosen to pivot their infrastructure toward AI hosting altogether rather than continue relying solely on mining economics — while MARA and Riot, still committed to mining at scale, are instead managing the squeeze by steadily converting a portion of their BTC treasury into cash.
Related: Nearly 23% of Bitcoin Mining Machines Now Running at a Loss
