In a significant shift from its longstanding “100% HODL” strategy, Riot Platforms (NASDAQ: RIOT) sold more Bitcoin than it mined in April 2025. The company offloaded 475 BTC, including all 463 BTC mined during the month and an additional 12 BTC from reserves, generating approximately $38.8 million in net proceeds at an average price of $81,731 per coin.
This marks Riot’s first major Bitcoin sale since January 2024, signaling a strategic pivot to fund ongoing growth and operations without resorting to equity fundraising, thereby limiting shareholder dilution.
Operational Highlights
- Bitcoin Production: Riot mined 463 BTC in April, a 13% decrease from March’s 533 BTC, attributed to two successive network difficulty adjustments.
- Hash Rate: The company’s deployed hash rate remained steady at 33.7 EH/s, while the average operating hash rate dipped slightly to 29.3 EH/s.
- Fleet Efficiency: Maintained at 21.0 J/TH, reflecting a 22% improvement year-over-year.
- Power Credits: Riot earned $2.0 million in power-related credits, up 131% from March, through increased participation in demand response and curtailment programs.
Strategic Developments
In April, Riot completed the acquisition of all tangible assets of Rhodium at its Rockdale Facility, including 125 MW of power capacity. This acquisition ended all outstanding litigation and marked Riot’s complete exit from the Bitcoin mining hosting business, transitioning to a fully self-mining model.
Market Context
Riot’s decision to sell its Bitcoin holdings comes amid mounting pressure on miners following Bitcoin’s fourth halving event in mid-April 2024, which reduced block rewards from 6.25 BTC to 3.125 BTC. The halving, coupled with rising network difficulty, has squeezed miner margins, prompting companies like Riot to reassess their treasury strategies.
As of April 30, Riot held 19,211 BTC on its balance sheet, worth approximately $1.8 billion at current market prices.
Conclusion
Riot Platforms’ departure from its “100% HODL” policy reflects a pragmatic approach to navigating the evolving Bitcoin mining landscape. By monetizing its Bitcoin holdings, the company aims to fund growth and operations sustainably, while minimizing shareholder dilution. This strategic shift underscores the broader challenges and adaptations within the Bitcoin mining industry in response to market dynamics.
