The Big Seller Behind Bitcoin Miners Could Be Nearly Done

• Citadel has unwound more than 80% of the risk it acquired from Situational Awareness.
• The fund’s latest filing showed nearly $1.99 billion in Bitcoin miner positions, including major stakes in Core Scientific, Riot Platforms and IREN.
• The end of this forced selling could give miner stocks more room to trade on Bitcoin prices, operating performance and their growing AI infrastructure opportunities.

  ---

Bitcoin miners have spent weeks under pressure from forced selling linked to the collapse of AI-focused hedge fund Situational Awareness. Citadel founder Ken Griffin said the firm had unwound more than 80% of the risk it acquired.

The June 30 filing showed a $20.24 billion long book across 26 positions. Bitcoin miners accounted for roughly $1.99 billion, led by Core Scientific at $666 million, Riot Platforms at $468 million, IREN at $433 million and CleanSpark at $179 million. Keel Infrastructure added another $152 million. Miner exposure rose 79% during the second quarter, while Riot’s position increased 229%.

The strategy reflected a view that electricity and>

Ken Griffin’s Citadel has already shed more than 80% of the aggregate risk it took on from Leopold Aschenbrenner’s Situational Awareness portfolio.

Griffin on the exit:

“These included the largest intraday block trades of the year in 10 different names. In the United States, we… pic.twitter.com/v4Ud1sFBys

— Wall St Engine (@wallstengine) August 21, 2026

The Seller Behind Bitcoin Miners Is Nearly Gone

Situational Awareness, led by former OpenAI researcher Leopold Aschenbrenner, suffered a 67% loss in July after concentrated bets on AI-linked stocks moved against it. Leverage increased pressure to raise cash as semiconductor shares fell. Citadel acquired much of the public-equity portfolio during the forced unwind.

Reuters reported that Citadel executed nearly 100 block trades worth more than $4 billion. Griffin said the firm had reduced more than 80% of the aggregate risk from the transaction. Citadel’s Wellington fund gained 5.94% in July and was up about 12% for the year at the latest report.

The episode matters for miners because the selling pressure was not necessarily driven by changes in their operating outlook. Several mining companies are repositioning toward high-performance computing and AI data centers, seeking to monetize power capacity beyond mining.

For investors, the end of a forced seller can remove a major source of short-term volatility. It does not guarantee higher prices, but miner shares can trade more directly on Bitcoin prices, power costs, hashrate economics and infrastructure value.

What The Exit Means For Crypto Mining Stocks

Bitcoin recently traded around $77,309, with a market capitalization near $1.55 trillion. A stronger Bitcoin price can improve miner revenue, although electricity expenses and network difficulty remain key variables.

Miners also control power-connected sites that can attract AI and cloud customers, while Bitcoin provides a liquid revenue stream. Citadel’s rapid exit means the market is closer to judging these companies on their own fundamentals rather than forced liquidation.

With more than 80% of the acquired risk already unwound, the most disruptive phase of the sale appears largely behind the sector. Attention can now return to execution, balance sheets and scarce power capacity.