The Big Seller Behind Bitcoin Miners Could Be Nearly Done

TL;DR

• 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.
  

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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%.

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