Bitcoin mining firm Riot Platforms has sold 475 bitcoins for $38.8 million in net proceeds to fund operations instead of relying on equity to finance future growth, according to a company press release. To make the sale, the company sold all 463 bitcoins it mined in April, plus an additional 12 bitcoins from its reserves, at an average net price of $81,731. As per the balance sheet, Riot Platforms held a total of 19,211 BTC in April 2025.
“During the month of April, we made the strategic decision to sell our monthly production of bitcoin to fund ongoing growth and operations. We continuously evaluate the best funding sources considering a multitude of factors and prioritizing a strong balance sheet. These sales reduce the need for equity fundraising, limiting the amount of dilution in our stock.” said Riot Platforms CEO Jason Les.
This update comes a year after the Bitcoin halving event in April 2024, which reduced rewards for the Bitcoin mining industry by half, tightening margins and lowering the overall production of BTC. Mining rewards were cut from 6.25 bitcoin per block to 3.125 bitcoin per block.
The halving event is a significant occurrence for BTC, one that typically happens once every four years. It reduces the incoming supply of Bitcoin, driving scarcity up and making it more difficult for miners to successfully earn their rewards from the blockchain network.