Riot Platforms sells mined bitcoin for first time since January 2024, nets $38.8 million

Riot Platforms, one of the largest publicly traded bitcoin mining companies, said  Monday it sold the bitcoin it mined in April, marking its first sale of mined bitcoin in more than a year.

The company sold 475 BTC during the month, generating approximately $38.8 million in net proceeds. The sale included 463 BTC mined in April and an additional 12 BTC from reserves. Riot last sold a significant amount of bitcoin in January 2024.

"We continuously evaluate the best funding sources considering a multitude of factors and prioritizing a strong balance sheet," Riot CEO Jason Les said in a press release. "These sales reduce the need for equity fundraising, limiting the amount of dilution in our stock."

Les added that the company would continue to monitor market conditions and use available tools to sustainably finance operations while maintaining its long-term bitcoin treasury strategy.

Riot reported $161.4 million in total revenue for the first quarter, The Block's Timmy Shen previously reported , driven partly by a $71.5 million increase in bitcoin mining revenue. Despite the boost, the company posted a net loss of $296.4 million, compared to net income of $211.8 million in the year-ago period.

Following April’s bitcoin halving , the average cost to mine one bitcoin rose to $43,808 in the first quarter, up from $23,034 during the same period in 2024.

According to The Block's RIOT price data,  Riot's stock traded down 4% to $8.04 at publication time.