Riot Platforms Offloads 475 BTC, First Time in 15 Months

Bitcoin mining company Riot Platforms has offloaded portions of its BTC holdings. According to its Production and Operations Updates for April 2025, the firm sold 475 BTC within the past month. This defies Riot’s HODL policy, making it the company’s first BTC sale since January 2024.

Riot Sells 475 BTC at a Loss

Riot’s report showed that it mined 463 BTC within the past month. This means the Bitcoin miner sold its entire mined BTC for the month and an additional 12 BTC from its reserves. The firm raised $38.8 million from the sale. This means that BTC sold for around $81,680 at the time.

Many X users are unimpressed that Riot sold its BTC stash at a loss. Recall that the company joined a trend in December to accumulate BTC through convertible note offerings. This fundraising mechanism involves selling debt securities to investors. At the time, BTC sold above $100,000. By selling at $81,680 per BTC, Riot has sold at a significant loss. An X user expects this move to push Riot into bankruptcy before the next halving.

Explaining why the company sold portions of its BTC stash, its CEO, Jason Les, said:

“During the month of April, we made the strategic decision to sell our monthly production of bitcoin to fund ongoing growth and operations. We continuously evaluate the best funding sources considering a multitude of factors and prioritizing a strong balance sheet. These sales reduce the need for equity fundraising, limiting the amount of dilution in our stock.”

Les added that the firm completed the acquisition of Rhodium’s tangible assets last month. For context, Riot agreed to acquire Rhodium’s assets at its Rockdale Facility in March amid legal litigation. This occurred months after Rhodium, a rival Bitcoin miner, went bankrupt and sold its Temple mining facility for $40.6 million. Riot’s CEO explained that this ends the company’s Bitcoin mining hosting business.

Other Bitcoin Miners Are Holding

Unlike Riot Platforms, other Bitcoin miners are maintaining a HODL policy. For example, MARA Holdings welcomed 706 BTC into its portfolio and sold none. Its current Bitcoin holding is 48,237 BTC, trailing Strategy with its 553,555 BTC stash.

Notably, following its latest BTC sale, Riot Platforms holds 19,211 BTC. It retains its position as the second-largest BTC holder among Bitcoin miners behind MARA Holdings.