Riot Platforms (RIOT), a leading publicly traded bitcoin mining firm, announced Monday that it sold its entire bitcoin production from April, marking the company’s first sale of mined bitcoin in more than a year.
The company divested 475 bitcoin (BTC), generating net proceeds of approximately $38.8 million. This total includes 463 BTC mined in April and an additional 12 BTC from its existing reserves. Riot’s last significant bitcoin sale occurred in January 2024.
“We continuously evaluate the best funding sources considering a multitude of factors and prioritizing a strong balance sheet,” stated Riot CEO Jason Les in a press release. “These sales reduce the need for equity fundraising, limiting the amount of dilution in our stock.”
As of May 5, Riot held a substantial 19,211 BTC, solidifying its position as one of the largest corporate bitcoin holders, trailing only MicroStrategy and fellow miner MARA Holdings.
Les indicated that the company would maintain a watchful eye on market conditions and utilize available strategies to sustainably finance its operations while adhering to its long-term bitcoin treasury strategy.
Earlier this month, Riot reported total revenue of $161.4 million for the first quarter, driven in part by a $71.5 million increase in bitcoin mining revenue. However, the company reported a net loss of $296.4 million for the quarter, a shift from the $211.8 million net income reported during the same period last year.
