US Company Abandons Bitcoin HODL Strategy: Selling After 15 Months! - Coin Bulletin

The American mining giant Riot Platforms signaled a departure from its long-standing 100% hodl strategy by conducting its first major monthly Bitcoin sale since January 2024, with a total sale of 475 BTC in April 2025.

Riot Platforms made a striking move in the crypto sector. According to the company's latest production report, it sold all 463 BTC it produced in April and an additional 12 BTC from its reserves, totaling 475 Bitcoin. With this sale, the company obtained approximately 38.8 million dollars in cash to support its operations.

Riot CEO Jason Les stated regarding the matter, "In April, we made the strategic decision to sell our monthly Bitcoin production to finance ongoing growth and operations. We continuously evaluate the best sources of financing, prioritizing a strong balance sheet structure while considering numerous factors. These sales reduce the need for capital increases by limiting stock dilution."

Winds of change in mining economy

This decision includes Riot in a growing group of public mining companies that are moving away from a full BTC holding policy in the face of deteriorating mining economics. CleanSpark, the second largest publicly traded mining company, announced last month that it would start selling its monthly production to cover operational expenses.

In contrast, MARA maintained a 100% hodl policy throughout April. According to the operational update on May 2, the company became the largest publicly traded miner in the U.S. in terms of monthly output by producing 705 BTC last month, but did not sell any of it. Marathon prefers to continue holding its Bitcoin assets and instead resorts to external financing sources such as ATM stock sales and credit options to finance its operations.

Riot's sales move comes at a time when mining revenues are under pressure. The company recently signed a $100 million Bitcoin-backed loan agreement with Coinbase. This move is seen as part of a broader effort to diversify funding sources in a more constrained environment post-halving. As of April 30, Riot holds 19,211 BTC on its balance sheet.