Part 9/12:
Some miners, such as Core Scientific and Hut 8, have been actively selling Bitcoin to fund operations and growth. Conversely, Hut 8 leads in Bitcoin holdings relative to their balance sheet, indicating a strategy of hodling. The decision to sell or hold is influenced by market conditions, with some using Bitcoin sales to fund rigs and expansion before anticipated price rebounds.
Shareholder Dilution and Capital Needs
Many miners are issuing additional shares to raise capital:
Riot has experienced a 41% shareholder dilution, and Argo 25%.
Others like Hut 8 and BitFarms also dilute shareholders, reflecting ongoing capital needs.