U.S. mining giant Riot Platforms signaled a departure from its long-standing 100% hodl strategy by conducting a total sale of 475 BTC in April 2025, marking its first major monthly Bitcoin sale since January 2024.
Riot Platforms made a notable move in the cryptocurrency sector. According to the company's latest production report, it sold all 463 BTC produced in April and an additional 12 BTC from its reserves, totaling 475 Bitcoin sold. With this sale, the company obtained approximately $38.8 million in cash to support its operations.
Riot CEO Jason Les stated regarding the matter, “In April, we made the strategic decision to sell our monthly Bitcoin production to fund ongoing growth and operations. We continuously evaluate the best financing sources, prioritizing a strong balance sheet while considering multiple factors. These sales reduce the need for capital increases by limiting stock dilution.”
Winds of change in the mining economy
This decision places Riot among a growing group of public mining companies that are moving away from a full BTC holding policy in the face of worsening mining economics. CleanSpark, the second largest publicly traded mining company, announced last month that it would start selling its monthly production to cover operational expenses.
In response, MARA maintained its 100% hodl policy throughout April. According to the operational update on May 2, the company became the largest publicly traded miner in the U.S. by producing 705 BTC last month, but did not sell any of it. Marathon prefers to continue holding its Bitcoin assets and instead seeks external financing sources such as ATM stock sales and credit facilities to finance its operations.
Riot's sales move comes during a time when mining revenues are under pressure. The company recently signed a $100 million Bitcoin-backed loan agreement with Coinbase. This move is seen as part of a broader effort to diversify funding sources in a more constrained environment following the halving. As of April 30, Riot holds 19,211 BTC on its balance sheet.
Stay tuned for new developments