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

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.