--- title: "MARA and Riot sold $4.54 billion of bitcoin in 2026 to fund AI data centers; Jefferies upgraded Riot to Buy" description: "MARA and Riot, 56% of this year's corporate bitcoin sales between them, are liquidating the treasuries that made them to fund gas plants and AI data centers whose revenue is still a fraction of the spend. Jefferies upgraded Riot to Buy the same day the tally landed." publisher: "The Inference" section: "Economy" published: 2026-11-10T18:12:50.789Z modified: 2026-11-10T18:12:50.789Z canonical: https://theinference.org/article/mara-and-riot-sold-4-54-billion-of-bitcoin-in-2026-to-fund-ai-data-centers-jefferies-upgraded-riot-to-buy language: en keywords: "Bitcoin, Data Centers, AI Infrastructure, Analyst Calls, Capex" --- # MARA and Riot sold $4.54 billion of bitcoin in 2026 to fund AI data centers; Jefferies upgraded Riot to Buy > MARA and Riot, 56% of this year's corporate bitcoin sales between them, are liquidating the treasuries that made them to fund gas plants and AI data centers whose revenue is still a fraction of the spend. Jefferies upgraded Riot to Buy the same day the tally landed. ## Two miners, more than half the selling [MARA once promised](https://theinference.org/markets/companies/marathon-digital-holdings) to keep every bitcoin it mined; in the six weeks after September 30 it sold 13,597 of them, part of a liquidation that has [pulled 108,247 bitcoin, about $8.08 billion](https://crypto.news/public-companies-have-sold-8-08-billion-in-bitcoin-in-2026-lookonchain/), out of listed-company treasuries this year [1][4][5]. Fourteen public companies sold through November 10, on-chain tracker Lookonchain counted, and two miners did the bulk: MARA Holdings, 40,581 coins at an average $74,446 for $3.03 billion; [Riot Platforms](https://theinference.org/markets/companies/riot-blockchain), 20,264 at $73,231 for $1.51 billion [1][6]. The tally mixes confirmed sales with estimated wallet flows [6][7]. *Chart: **MARA and Riot sold more bitcoin in 2026 than the other twelve listed sellers combined** Bar chart ranking listed companies by bitcoin sold in 2026, with MARA first at 40,581 coins* *Bitcoin sold in 2026 through November 10, in coins, per Lookonchain's tally of on-chain flows and corporate disclosures. Bitdeer's figure is an estimated wallet outflow and CleanSpark's includes derivatives-linked transfers. [1][6]* ## The coins became the construction loan [MARA's November 9 letter](https://bitcoinmagazine.com/news/mara-sells-13597-bitcoin-1-1-billion) shows where the money went [4][5][6]. The post-quarter coins sold at an average $81,039, against roughly $74,000 in the market this week [4][5][6]. Of the proceeds, $750 million repaid loans taken in August against its bitcoin to help buy the Long Ridge gas plant in Ohio, freeing 17,477 coins held as collateral [4][5][6]. Sales continue, the letter says, for AI infrastructure, convertible-note puts exercisable next year, and a $500 million buyback [4]. Riot's proceeds went to its data-center build: it ended September with 2,418 bitcoin worth about $202 million, down from 18,005 in January, and expects to sell substantially all the bitcoin it mines [1][3][7]. *Chart: **MARA and Riot began 2026 with 71,827 bitcoin between them; nine months later, 36,430** Paired bars showing MARA and Riot bitcoin holdings falling from the start of 2026 to September 30* *Bitcoin held on the balance sheet, in coins. MARA held 53,822 at end-2025 and Riot 18,005 at the start of 2026; changes include mining output and collateral release, not sales alone. [4][5][7]* ## $5.11 billion of concrete, $341 million of AI revenue BlocksBridge Consulting counted nine public miners spending $5.11 billion on capital assets in the first half of 2026 against $341.2 million of AI and high-performance-computing revenue [1]. MARA's third-quarter revenue fell 35% to $164.2 million; its $632.1 million of net income rested on an $885.3 million paper gain on the coins now being sold [4][5]. ## Wall Street upgraded the landlord The same day the tally landed, [Jefferies lifted Riot to Buy, target $28 from $13](https://www.cnbc.com/2026/11/10/riot-platforms-jefferies-upgrade-corsicana.html), on [a Corsicana lease](https://theinference.org/article/riot-platforms-9-1-billion-ai-lease-rests-on-a-bridge-loan-expiring-december-31) it says yields an average 33% a year at half the usual capital cost [2]. All 23 analysts covering the stock sit at buy or better [2]. The tenant named in [the filing](https://bitcoinmagazine.com/news/riot-names-anthropic-texas-lease) is [Anthropic](https://theinference.org/markets/companies/anthropic), the AI lab behind Claude, counterparty on 1,101 of Riot's 1,151 contracted megawatts; the other 50 sit with [AMD](https://theinference.org/markets/companies/amd) [3]. If project financing falls short, Riot owes Anthropic rent credits at 12% interest on up to $3.6 billion [3]. The upgrade prices the lease; the filings price the treasury. ## This is not a pivot, says MARA Chairman and CEO Fred Thiel [wrote "This is not a pivot away from bitcoin,"](https://blockonomi.com/bitcoin-miner-mara-frees-17477-btc-after-paying-off-crypto-backed-loans/) with MARA holding 1.9 gigawatts of power and a path toward 4.8 [5]. [Jefferies](https://theinference.org/markets/companies/jefferies)' economics are real: capital cost halved and delivery risk shifted to the tenant [2][3]. The leases still have to be funded, and the funding so far is the coins. ## What to watch Whether MARA signs [the two data-center leases it targets by year-end](https://theinference.org/article/mara-is-spending-its-bitcoin-to-buy-time-for-ai-leases-it-hasn-t-signed), on timing it says could slip into 2027 [4][5]. Whether Riot raises non-recourse debt before first delivery in June 2027, or the 12% clause activates [3]. And the treasury itself: an implied 20,400 coins left at MARA, and at Riot, $202 million of bitcoin against a $5.5 billion build [3][4]. ## Takeaway MARA and Riot, more than half of this year's $8.08 billion of corporate bitcoin selling, are converting treasuries into gas plants and data-center capex that AI revenue does not yet cover; Wall Street pays for the leases, not the coins. ## Sources 1. [Crypto News, "Public companies have sold $8.08 billion in Bitcoin in 2026: Lookonchain", 10 November 2026](https://crypto.news/public-companies-have-sold-8-08-billion-in-bitcoin-in-2026-lookonchain/) 2. [CNBC, "Buy this data center-linked stock primed to rally nearly 60%, says Jefferies", 10 November 2026](https://www.cnbc.com/2026/11/10/riot-platforms-jefferies-upgrade-corsicana.html) 3. [Bitcoin Magazine, "Riot (RIOT) Names Anthropic as Tenant in $28 Billion Texas Lease, Could Owe It 12% Interest", 5 November 2026](https://bitcoinmagazine.com/news/riot-names-anthropic-texas-lease) 4. [Bitcoin Magazine, "MARA Sells 13,597 Bitcoin for $1.1 Billion, Says More Sales Are Coming", 10 November 2026](https://bitcoinmagazine.com/news/mara-sells-13597-bitcoin-1-1-billion) 5. [Blockonomi, "Bitcoin Miner MARA Frees 17,477 BTC After Paying Off Crypto-Backed Loans", 10 November 2026](https://blockonomi.com/bitcoin-miner-mara-frees-17477-btc-after-paying-off-crypto-backed-loans/) 6. [Crypto Briefing, "14 public companies sold 108,247 BTC worth $8.08 billion in 2026, Lookonchain says", 10 November 2026](https://cryptobriefing.com/public-companies-sell-108247-btc-2026/) 7. [CoinCentral, "MARA Leads Bitcoin Sales as Miners Fund Expansion", 10 November 2026](https://coincentral.com/mara-leads-bitcoin-sales-as-miners-fund-expansion/) --- MARA and Riot sold $4.54 billion of bitcoin in 2026 to fund AI data centers; Jefferies upgraded Riot to Buy — The Inference. Canonical: https://theinference.org/article/mara-and-riot-sold-4-54-billion-of-bitcoin-in-2026-to-fund-ai-data-centers-jefferies-upgraded-riot-to-buy