CleanSpark reported 13,924 Bitcoin as of June 30, but 1,719 BTC, or roughly 12% of that balance, was posted as collateral or recorded as a receivable tied to derivative transactions, according to the company’s disclosure. The arrangement reduces the miner’s readily available reserves while maintaining headline treasury totals.

“Of the 13,924 BTC it reported as of June 30, 1,719 BTC was posted as collateral or recorded as a receivable, all tied to derivative transactions,” CleanSpark stated in its disclosure.

The pattern reflects a broader opacity in how public Bitcoin miners now report treasury positions. Miner treasuries are becoming harder to read as the same BTC stacks are marketed as strength, sold for cash, pledged, restricted, or moved through derivatives. Riot Platforms reported 5,802 restricted BTC in Q1 2026, equaling roughly 37% of its reported holdings.

CleanSpark’s June Activity

CleanSpark produced 614 BTC in June. The company sold 179 BTC at spot, sold 250 BTC pursuant to call exercises, acquired 25 BTC pursuant to put exercises, and acquired 244 BTC related to a delta-neutral basis trade.

CleanSpark owns the 11th-largest public Bitcoin treasury among operating companies.

Cost Pressure Across the Industry

The collateral disclosure arrives as miners face mounting cost pressures. CoinShares reported that the weighted-average cash cost to produce one BTC had risen to about $79,995 in Q4 2025. With hashprice near $30 per PH/day, an estimated 15% to 20% of the global fleet was underwater amid higher power costs.

Bitcoin traded near $62,000 on July 8, down roughly 50% from the all-time high of $126,198.07 reached in October 2025.

AI Revenue Shift

CoinShares said listed miners could derive as much as 70% of revenue from artificial intelligence by the end of 2026, up from roughly 30%, after more than $70 billion of announced GPU colocation and cloud service deals with hyperscalers.

The question for miners has shifted from who has the most BTC to who has deployable BTC when capital needs rise, according to CoinShares analysis.

Riot’s Restricted Holdings

Riot Platforms held 15,680 BTC at the end of Q1 2026. The company sold 3,778 BTC for $289.5 million in net proceeds during the period.