In a notable departure from its long-standing strategy, Riot Platforms, one of the largest U.S.-based Bitcoin mining companies, sold 475 bitcoins in April 2025, marking its first sale of mined coins since January 2024.
The transaction included all 463 bitcoins mined during the month, plus an additional 12 from its reserves, generating approximately $38.8 million. The proceeds are earmarked for operational expenses and further development, according to Riot’s CEO, Jason Les.
Les emphasized that the sale reduces the need to raise capital through equity offerings, thereby minimizing shareholder dilution. This move comes as Riot navigates financial challenges, having reported a quarterly loss of nearly $300 million last week. The company also secured a $100 million credit line through Coinbase, using its Bitcoin holdings as collateral, to bolster liquidity.
As of April 30, 2025, Riot held 19,211 bitcoins on its balance sheet. The sale reflects a pragmatic pivot for Riot, which had previously adhered to a strict “hodl” strategy, retaining all mined bitcoins to capitalize on potential price appreciation.
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In contrast, Riot’s primary competitor, MARA (formerly Marathon Digital), continues to hold all its mined bitcoins. In April, MARA produced 705 bitcoins—a 15% drop from March—but sold none, maintaining a robust reserve of 48,237 bitcoins.
This includes both mined coins and additional purchases, positioning MARA as the second-largest corporate Bitcoin holder, trailing only MicroStrategy, led by Bitcoin advocate Michael Saylor.
The divergent approaches of Riot and MARA highlight the strategic dilemmas facing Bitcoin miners in a volatile market.
While Riot opts for liquidity to fund operations and growth, MARA’s unwavering commitment to accumulation underscores its long-term bullish outlook on Bitcoin’s value. As market dynamics evolve, these decisions will likely shape the competitive landscape of the U.S. mining industry.
