Bitcoin (BTC) miner MARA Holdings purchased 400 BTC for approximately $46 million on October 13, taking advantage of the market collapse three days earlier when most miners were on the defensive.
According to Bitcoin Treasuries data, the acquisition increases MARA’s Bitcoin Treasuries to 53,250 BTC, worth more than $6 billion at current prices.
Timing reveals strategic calculations. MARA released 52,850 BTC on September 30th and capitalized on the October 10-11 washout when the spot price offered a post-cascade discount.
The company reported having more than $5 billion in liquid assets in the second quarter, giving it the flexibility to execute tactical buys during volatility that typically forces small businesses into liquidations.
Hash price creates selection pressure
Hashprice is the return in USD per unit of hashrate. Following last year’s halving, this indicator entered a downward trend and worsened further in October as spot prices fell while network difficulty increased.
Hash prices in early October hovered around $50 to $51 per petahash per day, compressing margins for high-cost mining fleets.
Furthermore, network difficulty reached record levels before the crash, causing profitability pressure, which explains MARA’s contrarian positioning.
Scale miners with efficient operations and strong balance sheets can consider the low hash price environment favorable to stock accumulation rather than forced sales.
The story behind Hashprice also reveals why MARA was able to add coins while its peers managed liquidity defensively.
When the mining economy tightens, Treasury decisions will be a test of balance sheets, as operators need to either have the cash reserves to survive thin margins or monetize production to cover operating costs.
Recent disclosures by major miners reveal a dichotomy between opportunistic accumulators and routine monetizers, with the latter funding capital expenditures.
Riot Platforms produced 445 BTC in September, sold 465 BTC for approximately $52.6 million, and executed standard financial controls to fund operations and infrastructure expansion.
The company held 19,287 BTC at the end of the month and maintains significant reserves while converting marginal production into cash to fund growth.
CleanSpark reported that it produced 629 BTC in September and held 13,011 BTC as of September 30th. This suggests that there is a significant buffer on the balance sheet despite the tightening of profitability.
The company maintains inventory levels through hash price compression while continuing to operate.
BitFarms sold 1,052 BTC in the second quarter to fund expansion at an average price of nearly $95,500, and as of August 11, it held 1,402 BTC.
Core Scientific has reallocated resources towards high-performance computing, keeping approximately 1,612 BTC in its treasury as of October.
These positions, in contrast to MARA’s accumulation strategy, indicate sustained miner-driven spot supply by operators funding growth through steady Bitcoin sales.
Furthermore, on-chain data shows that miner selling pressure has been subdued throughout October.
CryptoQuant’s miner-to-exchange series shows that the 30-day correlation between price and miner flow turned negative in October, indicating that miners were not reflexively selling on strength.
Post-accident spot supply from miners remained subdued compared to previous drawdowns. ETF inflows and discretionary demand meant there was less overhang for miners to absorb during a rebound, and the notable buyers were miners themselves rather than institutional investors or private capital.
This pattern is a break from the historical cascade in which selling pressure was amplified by difficulties in mining operations.
The combination of stronger balance sheets across large miners and selective accumulation from well-capitalized players such as MARA has changed the supply dynamics that typically accompany volatility events.
MARA’s financial strategy reflects confidence in Bitcoin’s long-term appreciation beyond the opportunity cost of capital deployment.
With over $6 billion in Bitcoin and large amounts of liquid assets, the company is in a position to take advantage of market downturns while maintaining operational flexibility through hash price compression.
Recent Bitcoin purchases tested the hypothesis that scale, efficiency, and balance sheet strength determine which miners can act as net accumulators during drawdowns, and which should monetize production regardless of spot conditions.
mentioned in this article
