One noteworthy source of the recent Bitcoin selling pressure is that some companies that were originally mining Bitcoin are converting their holdings into cash to pay off debts or invest in data centers. MARA is a prime example. According to the company's third-quarter shareholder letter released on November 9th, from the end of September until the release of its financial report, MARA sold 13,597 Bitcoins, raising approximately $1.1 billion, at an average price of about $81,039 per Bitcoin. This amount represents approximately 40% of the 34,012 Bitcoins it held at the end of September. What will it do with this money? Of the $750 million, $750 million was used to pay off Bitcoin-collateralized loans, reduce debt, and retrieve the previously pledged Bitcoin. MARA also stated that it will continue to sell Bitcoin as needed to increase cash reserves, potentially for AI infrastructure, repaying convertible bonds, and stock buybacks. In other words, selling cryptocurrency is no longer just about paying for mining electricity; it could also become a way for companies to allocate funds and transform into AI-driven businesses. ️ This is actually related to the development of AI data centers. Many mining companies already possess land, power supply, and data center operating experience. As the demand for AI computing power increases, these resources can be used to develop AI infrastructure. Upgrading a mine to an AI data center still requires significant capital: power equipment, cooling systems, networks, buildings, and GPUs—each is expensive. When external financing costs rise or borrowing conditions become more stringent, mining companies with Bitcoin reserves have another option for raising cash: selling some of their reserves. And MARA isn't the only example. Ionic Digital: Partnering with Nscale to develop AI data centers. The company sold approximately 737 billion Bitcoins after the third quarter, raising about $62 million to prepare for future data center development. Cipher Digital: Expanding from a Bitcoin miner to high-performance computing data centers. In the first nine months of 2026, it sold Bitcoin, raising approximately $169 million, which was then invested in infrastructure development. IREN: Also transitioning from mining to AI computing power, but it typically sells its mined Bitcoin daily; as of the end of September, it had no Bitcoin reserves. Additionally, CoreWeave has an early background in cryptocurrency mining, primarily related to Ethereum; Nscale's founder has a background in Bitcoin data centers. I think what's worth observing going forward is: If more mining companies holding Bitcoin transition to AI, and data center construction requires continuous cash investment, these companies' Bitcoin reserves could gradually become selling pressure in the market. In the future, we can continue to track several figures: how much BTC mining companies still hold, how much they sell each month, and whether the financing costs for AI data centers continue to rise.