Riot Platforms Sells Bitcoin for the First Time in Over a Year
One of the world’s largest publicly listed Bitcoin mining companies, Riot Platforms, announced on Monday that it sold the Bitcoin mined in April, marking the first sale of self-mined Bitcoin by the company in over a year.
Reports indicate that Riot sold 475 Bitcoins in April, generating net proceeds of approximately $38.8 million. This includes 463 Bitcoins mined during the month and an additional 12 from reserves. The last significant sale of Bitcoin by Riot took place in January 2024.
Riot’s CEO, Jason Les, stated in a press release:
“We will continue to assess the best sources of capital based on various factors and prioritize maintaining a strong balance sheet. This sale reduced the need for raising funds through equity issuance and decreased the extent of shareholder dilution.”
As of May 5, Riot holds 19,211 Bitcoins, remaining the second-largest publicly traded Bitcoin holder globally, surpassed only by Strategy (MicroStrategy) and another mining company, MARA Holdings.
According to market data, RIOT’s stock price closed down 5.84% yesterday.
