TLDR
- Riot sold 475 BTC in April for $38.8M to fund operations.
- The company ended its 100% Bitcoin holding policy.
- BTC production dropped 13% due to higher network difficulty.
- Riot acquired 125 MW from Rhodium and ended legal disputes.
- It secured a $100M BTC-backed loan and expanded into AI.
Riot Platforms, Inc. (NASDAQ: RIOT) sold 475 Bitcoin in April 2025, marking a significant shift in its operational funding strategy. The company had previously adhered to a 100% Bitcoin retention policy since January 2024. This sale included all 463 Bitcoins mined during April and 12 Bitcoins from existing reserves. The transaction generated approximately $38.8 million in net proceeds, with an average net price of $81,731 per Bitcoin.
Riot Platforms sold 475 BTC in April 2025, marking its first major bitcoin sale since January 2024 and signaling a departure from its long-standing 100% hodl strategy. The sale included 463 BTC mined during the month and an additional 12 BTC from reserves, generating…
— Wu Blockchain (@WuBlockchain) May 5, 2025
Riot’s Chief Executive Officer Jason Les stated that the company chose to sell its monthly Bitcoin production to support operational growth and reduce reliance on equity fundraising. Les says the move helps minimize shareholder dilution while maintaining a strong balance sheet..
Operational Metrics Reflect Market Pressures and Strategic Adjustments
In April, Riot mined 463 Bitcoin, representing a 13% decrease from the 533 Bitcoin mined in March 2025 but a 23% increase compared to the same period in 2024. The drop in month-over-month production was attributed to rising network difficulty, with two successive difficulty adjustments during the period. The company’s average daily production declined from 17.2 BTC/day in March to 15.4 BTC/day in April.
Riot’s average operating hash rate in April was 29.3 exahashes per second (EH/s), down slightly from 30.3 EH/s in March. However, the deployed hash rate remained consistent at 33.7 EH/s, marking a 168% year-over-year increase. The company’s mining fleet operated with an efficiency of 21.0 joules per terahash (J/TH), a 22% improvement compared to the previous year. Riot also reported $2.0 million in total power credits in April, a 131% increase from March, primarily driven by demand response and curtailment initiatives.
As of April 30, 2025, Riot held 19,211 Bitcoin on its balance sheet, including 1,900 BTC classified as restricted assets. This figure remained nearly unchanged from the prior month but significantly increased from the 8,872 BTC held in April 2024. At the time of writing, Riot Platforms is trading at $7.97, down by 5.07%.
Strategic Developments and Expansion Initiatives
In addition to the Bitcoin sale, Riot acquired tangible assets from Rhodium Enterprises at its Rockdale Facility. The deal included 125 megawatts of power capacity and marked the end of all ongoing litigation between the two companies. As a result, Riot officially exited the Bitcoin mining hosting business, completing its operational consolidation.
The company also secured a $100 million Bitcoin-backed credit facility with Coinbase. This move enhances Riot’s financial flexibility as it navigates the post-halving environment. Riot reported Q1 2025 revenue of $161.4 million, exceeding forecasts, and a net loss of $296.4 million for the quarter.
