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Riot Platforms has broken its 15-month streak of holding all mined bitcoin, selling 475 BTC in April 2025 to support operations. The move signals a broader industry shift amid tightening mining margins post-halving.
BTC Miner Riot Shifts Strategy, Sells Mined Coins to Fund Operations
Riot Platforms has sold bitcoin for the first time in over a year, signaling a strategic pivot in response to tightening mining economics. In April, the company sold a total of 475 BTC, comprising 463 coins mined during the month and an additional 12 BTC from its treasury, netting approximately $38.8 million.
This marks the end of Riot’s 15-month commitment to a 100% HODL strategy and aligns it with other major mining firms adjusting to the post-halving environment. CEO Jason Les emphasized that the decision was driven by the need to support ongoing growth while minimizing shareholder dilution. Les noted:
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.
The move places Riot alongside peers like Cleanspark, which recently began liquidating monthly bitcoin production to cover costs. However, not all miners are following suit. Marathon Digital, the largest public bitcoin miner by output in April, with 705 BTC produced, continues to hold all of its mined bitcoin, funding operations through external financing methods.
Riot’s strategic repositioning also includes securing a $100 million bitcoin-backed credit facility with Coinbase, further diversifying its funding options. As of April 30, Riot still holds 19,211 BTC, underscoring its significant long-term exposure to the cryptocurrency even as it adapts to a more challenging revenue environment.