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Home Explore Bitcoin

Riot Platforms Sells Record 475 BTC in April

6 May 2025
in Bitcoin, News
Reading Time: 2 mins read
101 7
Riot Platforms Sells Record 475 BTC in April

Source: VOI

Riot Platforms announced that it sold 475 BTC in April, generating $38.8 million in proceeds. This marked the largest single-month Bitcoin liquidation in the company’s history, as revealed in Riot’s monthly production and operations update. Of the 475 BTC sold, 463 were newly mined during April, with the remaining 12 from the company’s reserves.

Riot CEO Jason Les explained the strategic decision behind the sale, stating,

“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, prioritizing a strong balance sheet. These sales reduce the need for equity fundraising, limiting the amount of dilution in our stock.”

Despite this large sale, Riot Platforms still holds a substantial Bitcoin reserve, with 19,211 BTC as of April 30, including 1,900 restricted coins. This represents a remarkable 117% increase in holdings compared to the same period last year, reflecting the company’s continued growth in Bitcoin accumulation.

Riot further clarified that the decision to sell BTC was a tactical response to two consecutive months of challenging mining conditions, driven by successive increases in network difficulty. These rising difficulties made Bitcoin mining more challenging and energy-intensive, contributing to a 13% decrease in production from March.

Although production dropped by 13% from March, it still represented a 23% increase compared to the same month last year. Riot maintains a competitive edge in the Bitcoin mining industry, operating with a deployed hash rate of 33.7 EH/s and a fleet efficiency of 21.0 joules per terahash.

The company also reported a record-breaking revenue of $161.4 million for the first quarter of 2025, reflecting a 50% year-over-year increase. However, despite these impressive earnings, Riot Platforms ended the quarter in the red, mainly due to rising operational costs.

 

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Tags: BitcoinRiot
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Jewel Buddy

Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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