100% HODL no more: Riot sells more Bitcoin than mined in April

Riot Platforms sold 475 Bitcoin in April 2025, marking a major shift from its long-standing 100% Bitcoin holding strategy. 

The sale included all 463 BTC mined during the month and 12 Bitcoin (BTC) from its reserves, generating approximately $38.8 million at an average price of $81,731 per coin, according to a company release. 

This is Riot’s first significant sale since January 2024, and it is coming as the company adjusts its treasury strategy to prioritize operational funding and minimize equity dilution. 

CEO Jason Les said the move reflects a “strategic decision” to sell monthly production to support growth while maintaining confidence in Bitcoin’s long-term value.

Riot produced 463 BTC in April, down 13% from March due to two consecutive Bitcoin network difficulty increases. 

However, production was still up 23% year-over-year. The company’s deployed hash rate remained flat at 33.7 EH/s, while average operating hash rate declined slightly to 29.3 EH/s.

Riot and Rhodium

April also marked a structural shift for Riot as it finalized the acquisition of Rhodium’s assets at its Rockdale facility, ending its final hosting agreement and fully transitioning to a self-mining business model.

Despite the BTC sale, Riot’s bitcoin holdings remained stable at over 19,200 BTC, indicating continued accumulation over time. The company earned $2 million in power-related credits and maintained low power costs at 3.7 cents per kWh.

Riot said it will continue evaluating funding strategies based on market conditions, aiming to balance sustainable growth with its long-term Bitcoin holdings strategy.