US-based mining giant Riot Platforms made its first large-scale Bitcoin sale since January 2024 with a sale of 475 BTC in April 2025. This move is seen as an indication that the company is gradually moving away from its long-held 100% HODL (holding) policy.

According to the company's current production report, Riot sold all 463 BTC it produced in April. Additionally, by selling another 12 BTC from its reserves, it achieved a total sale of 475 BTC. Through this transaction, Riot generated approximately $38.8 million in cash revenue.

Riot Platforms CEO Jason Les stated the following in his remarks on the subject:

In April, we decided to sell our monthly Bitcoin production to meet our ongoing growth and operational needs. By carefully evaluating our funding sources, we prioritize maintaining balance sheet health. These sales have been a significant step in reducing the need for external capital by limiting share dilution.

New Trend Among Public Miners: BTC Sales

Riot's decision signals a trend adopted by similar companies, especially under current conditions where mining revenues are decreasing. The company has joined the ranks of publicly traded mining companies that have partially abandoned a policy of holding 100% Bitcoin. For example, CleanSpark announced last month that it would begin selling its monthly production for operational expenses.

In contrast, Marathon Digital Holdings (MARA), the largest publicly traded miner in the industry, remained committed to a 100% HODL strategy in April as well. According to an update released on May 2, the company produced 705 BTC in April, achieving the highest monthly production in the US while selling none of these assets. Marathon prefers alternative methods such as stock offerings (ATM programs) and loans to meet its funding needs.

Financing Strategy Under Challenging Market Conditions

Riot's decision to sell comes at a time when mining revenues are under pressure and the impacts of block reward halving are being felt in the industry. The company recently signed a $100 million Bitcoin-collateralized loan agreement with Coinbase. This step is seen as part of efforts to diversify funding sources and balance cash flow.

As of April 30, Riot Platforms still holds 19,211 BTC on its balance sheet. This indicates that the company still possesses a significant amount of digital asset reserves.

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