Daily Observation of Cryptocurrency Concept Stocks: The Intertwining of Hashrate Loss and AI Transformation, the "Blood Loss" and Restructuring of Leading Mining Companies in the First Quarter

1. AI Transformation and Computing Power Loss: MARA's Radical Cross-Industry Move

Influenced by the industry's rush towards AI, the total Bitcoin network computing power recorded its first Q1 decline in six years in the first quarter of 2026 (down 4%). At this juncture, MARA Holdings, Inc. (NASDAQ: $MARA) has been very active.

Recently, the company not only announced a strategic joint venture agreement with Starwood Digital Ventures to fully transform its high-energy-consuming mining sites into 1GW-level AI and HPC (high-performance computing) data centers, but also finalized the acquisition of a 64% stake in the French data center company Exaion. This series of radical AI transformation measures, which completely strip away the "pure mining" label, has caused its stock price to rise against the trend to around $8.85.

2. Financial Hemorrhage of Leading Mining Companies: Riot's Selling Decision

If MARA chose to cross industries, then Riot Platforms, Inc. (NASDAQ: $RIOT) is enduring the capital pain of a hardcore mining route.

According to the latest disclosed Q1 2026 financial report data, Riot sold a total of 3,778 Bitcoins in the quarter (cashing out approximately $289 million), a volume far exceeding its net mining output of only 1,473 Bitcoins for the quarter. The large-scale cash-out has led to its net BTC holdings decreasing sharply from 19,223 Bitcoins in the same period last year to the current 15,680 Bitcoins. Company management admitted that this severe "hemorrhage" of finances is mainly to cope with the continuously rising infrastructure capital expenditures (CapEx).

3. Major Withdrawal of Cross-Industry Capital Strategy: Cango's Liquidation Exit

The survival space for small and mid-cap stocks in the mining sector has been further squeezed. Cango Inc. (NYSE: $CANG), which made a high-profile entry into mining 16 months ago, is undergoing a 180-degree turnaround in its financial strategy.

The latest public disclosures show that the company's total Bitcoin holdings reached approximately 7,528 Bitcoins at the end of last year. However, with the strategic adjustment, Cango has recently sold off more than half of its Bitcoin reserves. This means that the company has officially shifted from a "holding mode" to a liquidation exit, reflecting the difficult situation faced by second-tier mining companies under the dual pressure of computing power and funding.

Data source: https://bbx.com/ Cryptocurrency concept stock information database, compiled based on global listed company announcements and SEC/TSE disclosure documents from yesterday.