HIVE Stacks Bitcoin While Riot, CleanSpark and MARA Liquidate

HIVE Digital Technologies added 79 BTC to its treasury in the September quarter, lifting its holdings to 269 BTC, while Riot Platforms sold 10,599 BTC and CleanSpark sold more Bitcoin than it mined over the same three months, according to SEC filings and company disclosures. The figures cover calendar Q3, which is also HIVE's fiscal second quarter of 2027.

The contrast is stark. Riot liquidated roughly $1.5 billion of Bitcoin across the first nine months of 2026, while HIVE grew its reserve 41.6% — from 190 BTC to 269 BTC — despite selling almost everything it mined. One takeaway in plain words: the industry no longer has a single treasury playbook.

How much Bitcoin did HIVE actually keep?

HIVE's Sept. 30 filing, released alongside Nov. 9 results, shows the company mined 1,070 BTC during the quarter and sold 991 BTC. The sales figure derives from subtracting 918 BTC sold in the June quarter from 1,909 BTC sold across the six months ended September. That works out to a sales-to-production ratio of roughly 92.6%.

Net additions of 79 BTC represented just 7.4% of quarterly production. Over the full six-month window, HIVE's balance rose from 150 BTC to 269 BTC, with the digital currency reconciliation recording 2,074 BTC mined, 1,909 BTC sold, and 46 BTC transferred as equipment deposits.

The September filing valued the reserve at $22.4 million — roughly $83,000 per coin — and reported $70 million in proceeds from digital currency sales during the quarter. HIVE also holds contractual options to repurchase 212 BTC previously transferred for equipment deposits, reported separately from owned coins. The treasury grew, but nearly all new production still went out the door.

What is Riot doing with its coins?

Riot's quarterly filing disclosed 20,264 BTC sold during the first nine months of 2026, generating nearly $1.5 billion. Subtracting the 9,665 BTC sold in the first half yields Q3 sales of 10,599 BTC, leaving 2,418 BTC at September-end.

Management said the proceeds primarily funded data center development and full repayment of a $200 million credit facility. Riot expects to continue selling substantially all Bitcoin it mines for development, operating expenses and working capital. In other words, the company has converted its treasury into capital expenditure.

Crypto.news reported on Nov. 4 that Riot completed its Bitcoin custody transfer from NYDIG to BitGo on Oct. 29, with no early termination penalties.

MARA followed a similar path. The company disclosed a post-quarter sale of 13,597 BTC for approximately $1.1 billion. Of those proceeds, $750 million repaid Bitcoin-backed loans, releasing 17,477 BTC that had been pledged as collateral.

Is CleanSpark's treasury shrinking?

CleanSpark's monthly operational figures show production of 586 BTC in July, 593 BTC in August and 529 BTC in September, against sales and deliveries of 579, 821 and 702 BTC respectively. Across the quarter, 2,102 BTC left the treasury while 1,708 BTC were produced — a net drawdown of 394 BTC.

Holdings fell to 13,530 BTC, including 3,475 BTC posted as collateral or recorded as receivables tied to derivatives. September's transactions comprised just 2 BTC sold on spot markets and 700 BTC delivered through call option exercises.

The company separately secured $2.276 billion through senior secured notes for its Sandersville data center, carrying a 7.875% coupon and maturing in 2031. CEO Matt Schultz said the project was "fully funded through completion" — a commitment that, if cash flows disappoint, now sits atop more than $2.2 billion of fixed obligations.

Cipher Digital disclosed 310 BTC at September-end, down from 646 BTC in June, with $168.9 million in Bitcoin sale proceeds over the first nine months. The company recognized its first HPC lease revenue at Black Pearl, with additional data halls there and at Barber Lake scheduled online through year-end.

What about HIVE's AI business?

HIVE reported total revenue of $84.9 million and a net loss of $78.7 million. Mining revenue fell 7.4% year over year to $76 million, while HPC revenue rose 70.7% to $8.8 million — still under 11% of the total.

The Nasdaq- and Toronto-listed company held $139 million in cash. CEO Aydin Kilic said $129 million in financing covered GPU purchases for its Bell and Cohere agreement. HIVE reported roughly $40 million in live GPU cloud annualized run-rate revenue, with $185 million contracted including capacity awaiting deployment.

Kilic said the 2,304-GPU cluster was expected to ship before year-end, with lender funds released from escrow as milestones were met. The contracted figure counts capacity not yet deployed; the run-rate number is the one currently bankable.

With Riot and MARA explicitly committed to selling forward production, and HIVE's reserve additions still a sliver of output, the next round of quarterly filings — and Cipher's year-end data hall deadlines — will show whether any miner can genuinely hold while it builds.