Public miners relax HODL policies, sell BTC and chase AI revenues

Under pressure from weaker post-halving economics and a sub-$70K BTC price, major public miners like MARA are abandoning strict 'never sell' policies and preparing to liquidate parts of multi-billion-dollar Bitcoin treasuries to fund operations and growth. At the same time, miners such as Riot, Core Scientific, Bitdeer and others are reallocating capital into AI and high-performance computing infrastructure, backed by new bond financings and capacity expansions from firms like Applied Digital and American Bitcoin. In contrast, MicroStrategy and emerging Bitcoin treasury specialists continue to accumulate BTC, highlighting a split between miners using Bitcoin as a balance-sheet buffer and corporations treating it as a core long-term treasury asset. These moves signal a maturing, more active approach to corporate Bitcoin management that could add miner-driven sell pressure and reshape how BTC is held at the institutional level.