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Riot Platforms and MARA Drop 6%, CleanSpark Sinks 5% as Strategy Sells Bitcoin, Shares

Strategy's latest 8-K just sent shockwaves through the entire Bitcoin mining sector, and the fallout raises a bigger question about whether Michael Saylor's capital pivot is only getting started.

By David Moadel
Published August 10, 2026, 1:23pm ET · 3 min read

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A close-up photograph of a shiny golden Bitcoin coin positioned on a deep red digital display. The background features a grid pattern, a large red arrow pointing downwards, white financial candlestick charts indicating a decline, and a curving white trend line. Small, blurred white light spots add a bokeh effect to the red background.
A golden Bitcoin coin rests on a red, declining chart, symbolizing current market volatility and investor de-risking amidst a challenging financial landscape. © FellowNeko / Shutterstock.com

Shares of Riot Platforms (NASDAQ:RIOT | RIOT Price Prediction) are down 6% to $19.36 in Monday midday trading, joined by MARA Holdings (NASDAQ:MARA) falling 6% to $9.52 and CleanSpark (NASDAQ:CLSK) sliding 5% to $11.69. Clearly, the Bitcoin mining sector is under broad pressure to start the week.

Bit Digital (NASDAQ:BTBT) shares are also lower by 5% to $1.31, while the CoinShares Valkyrie Bitcoin Miners ETF (NASDAQ:WGMI) is off 5% to $45.87. Bitcoin (CRYPTO:BTC) itself is down 2% over the past 24 hours to $63,867.58, extending a year-long slide.

The trigger appears to be a fresh 8-K from Strategy (NASDAQ:MSTR) that details continued selling of both Bitcoin and common stock, adding to a sentiment overhang already weighing on crypto-related equities. The disclosure has reignited concerns about the pace of Saylor’s capital-management pivot.

Strategy’s Selling Program Weighs On Sentiment

In its Monday filing, the Michael Saylor-led firm disclosed that during the week ended August 9 it sold 1,690 Bitcoin for $108.6 million, an average of $64,262 per coin. That price sits well below Strategy’s $75,385 average cost basis, marking a realized loss.

Strategy also sold approximately 6.59 million common shares for $653.1 million, routing $650 million into its cash reserve. Bitcoin sale proceeds funded a $108.6 million repurchase of the company’s STRC preferred stock.

Strategy stock is down 3% to $96.95 midday, and management hasn’t added to the treasury since June. The activity continues a capital-management pivot Saylor began at the end of May, breaking the firm’s long-running “never sell” stance.

The Q2 2026 backdrop is challenging. Strategy reported a net loss of $8.22 billion on an $8.32 billion unrealized loss on digital assets, and lifted the STRC preferred dividend to 12% annualized. The board has authorized up to $1.25 billion of Bitcoin sales to fund the USD reserve.

Bitcoin Weakness Amplifies The Move

Bitcoin’s slip to $63,867.58 layers additional pressure onto the mining group. Riot Platforms, MARA Holdings, and CleanSpark each carry direct exposure to Bitcoin’s spot price through both mining economics and mark-to-market treasury holdings.

Bitcoin is down 27% year to date (YTD) and down 46% over the past year. That backdrop has forced large public miners to reassess capital allocation, with Riot Platforms, MARA Holdings, and CleanSpark all announcing multi-year data center and AI infrastructure leases in recent quarters.

Bit Digital sits somewhat apart. The company has pivoted toward Ethereum (CRYPTO:ETH) staking and AI compute through its WhiteFiber stake, but Bit Digital shares still trade with the group when crypto sentiment turns. The trailing-year picture is mixed across the complex, with MARA Holdings stock down 38% and Riot Platforms stock up 75% on the RIOT data center pivot.

WGMI Tracks The Group Lower

The CoinShares Valkyrie Bitcoin Miners ETF is a narrow, concentrated thematic fund holding Bitcoin-mining stocks, including Riot Platforms, MARA Holdings, and CleanSpark. Its 5% decline tracks the group cleanly rather than diluting the move.

The fund’s sector-concentration profile leaves it highly sensitive to Bitcoin’s price and to catalysts like Strategy’s disclosures. WGMI shares are still up 84% over the trailing year, showing how sharp the miner rally has been off the 2025 lows even after today’s drop.

What to Watch

The prediction markets currently assign a 39% probability to Strategy announcing additional Bitcoin sales in the August 11 to 17 window, per Polymarket contracts tied to that outcome. The markets place minimal weight (3.6%) on a Strategy margin call in 2026, suggesting balance-sheet stress isn’t the primary concern.

Traders can watch for whether Bitcoin holds current levels into the U.S. close, and whether Strategy files further 8-Ks disclosing additional Bitcoin or share sales this week. Any follow-up commentary from Riot Platforms, MARA Holdings, or CleanSpark on their AI and high-performance computing pivots could also shift the narrative.

Sentiment across the miner complex remains fragile so long as Strategy’s balance-sheet actions drive the crypto-equity conversation. Investors sizing their exposure to the pure-play names may want to keep their position sizes measured until Bitcoin stabilizes.

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David Moadel

David Moadel is financial writer specializing in stocks, ETFs, options, precious metals, and Bitcoin. David has written well over 1,000 articles for leading online publications, helping investors understand markets, income strategies, and risk.

His work has appeared in The Motley Fool, InvestorPlace, U.S. News & World Report, TipRanks, ValueWalk, Benzinga, Market Realist, TalkMarkets, Finmasters, 24/7 Wall St., and others.

With a master’s degree in education, David has taught at the elementary, high school, and college levels. That teaching background shapes his writing style: clear, educational, and practical. David has also built a loyal social-media audience by providing trustworthy financial content on YouTube, X/Twitter, and StockTwits.

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