Riot Platforms Reduces Its Bitcoin Holdings, Sells April Mining
Date: 2025-05-06 Author: Gabriel Deangelo Categories: BUSINESS
This is the first time in over a year that the company has decided to sell some of its reserves. Riot Platforms remains the fourth-largest Bitcoin holder, holding 19,211 BTC. In April, the company made a strategic decision to sell its mining holdings to fund growth and day-to-day operations, which CEO Jason Les said was done after considering multiple factors and prioritizing maintaining a strong balance sheet.
Les also noted that the decision was influenced by the continued increase in mining difficulty, as well as the completion of the acquisition of Rhodium’s Rockdale assets. He emphasized that the sale of bitcoins reduced the need for equity capital, which in turn reduced the amount of dilution of the company's shares.
"This move reduces the need for additional investments and helps us remain financially stable," Les added. He also noted that the company will continue to monitor market conditions and use all available tools for long-term financing, focusing on the strategy of storing bitcoins.
Riot's hash rate in April was 33.7 EH / s, which is significantly higher than last year's figure (8.8 EH / s). The energy efficiency of the company's mining park in April was 21 J / TH. The company also earned $ 2 million as part of capacity reduction and demand response programs.
Riot Platforms recorded revenue of $ 161.4 million in the first quarter of 2025. During this period, the company mined 1,530 BTC at a cost of $ 43,808 per coin.
We remind you that earlier, in March 2025, the Bitcoin accumulation strategy was revised by CleanSpark.
