Well, it looks like Riot Platforms has decided to break its 15-month streak of hoarding every single bit of mined bitcoin. In April 2025, the company sold 475 BTC, including 463 freshly mined coins and a little extra 12 BTC from its treasure chest. All of this to fund its operations, because apparently, mining bitcoin isn’t as profitable as it used to be. Shocker, right? 💸
BTC Miner Riot Shifts Strategy, Sells Mined Coins to Fund Operations
Riot Platforms has officially sold bitcoin for the first time in over a year. What a time to be alive. The move signals a shift in their strategy as mining economics get tighter after that little thing called the halving. In April, they sold 475 BTC, which pulled in around $38.8 million. Not bad, but not enough to retire to a tropical island just yet.
This move marks the end of Riot’s 15-month HODL obsession, where they kept every bitcoin they mined, and instead, they’ve joined the ranks of other mining firms scrambling to adjust to post-halving life. CEO Jason Les was all business, emphasizing the need for growth while keeping those pesky shareholders happy and their stock dilution in check. Here’s what he had to say:
“We made the strategic decision to sell our monthly production of bitcoin to fund ongoing growth and operations. These sales reduce the need for equity fundraising, limiting the amount of dilution in our stock.” So, basically, ‘buying bitcoin, selling bitcoin, and keeping the bosses happy.’
The decision to sell puts Riot in the same boat as Cleanspark, which recently started selling off its mined bitcoin for a similar reason. Meanwhile, Marathon Digital, the big dog in bitcoin mining (producing 705 BTC in April), is just sitting back, holding onto every bit of mined bitcoin, and presumably living the dream by financing their operations through external sources. Must be nice.
Riot’s newfound financial flexibility also includes a $100 million bitcoin-backed credit facility with Coinbase. Nothing says “we’re serious” like a credit line backed by the very thing you mine. As of April 30, Riot is still sitting pretty on 19,211 BTC, which shows they’re not giving up on the crypto game anytime soon—even if it means playing a little smarter in this more challenging revenue environment. 🤑
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2025-05-06 19:43