Catenaa, Sunday, May 18, 2025- Bitcoin mining firm Riot Platforms sold 475 BTC in April, marking its first major sale of mined bitcoin since January 2024, the company announced Monday.
The sale generated approximately $38.8 million in net proceeds. It included 463 BTC mined last month and an additional 12 BTC from the company’s reserves.
Riot CEO Jason Les said the move aligns with the firm’s strategy to fund operations without excessive equity dilution.
Riot, one of the largest publicly traded bitcoin mining companies, held on May 5.
It remains one of the biggest corporate holders of bitcoin, trailing only MicroStrategy and fellow miner MARA Holdings.
The company reported $161.4 million in first-quarter revenue, up from the previous year, including $71.5 million from bitcoin mining. Despite that, Riot posted a net loss of $296.4 million for the quarter, compared to a $211.8 million profit a year earlier.
The rising cost of mining has been a factor. Following April’s bitcoin halving, the average cost to mine a single bitcoin climbed to $43,808, up from $23,034 in Q1 2024.
Shares of Riot (RIOT) dropped 4% to $8.04 following the announcement.
