Key Highlights
- Riot Platforms sold 3,778 BTC in Q1 2026 for net proceeds of $289.5 million at an average price of $76,626 per coin. The aggressive selling contributed to an 18% decline in its Bitcoin holdings to 15,680 BTC, reflecting a strategic shift toward liquidity in a volatile market.
- The company produced 1,473 BTC (down 4% YoY), yet significantly expanded capacity with deployed hash rate rising 26% to 42.5 EH/s and average operating hash rate up 23% to 36.4 EH/s. Fleet efficiency also improved 4% to 20.2 J/TH.
- Riot generated a record $21.0 million in power credits from curtailment and demand response programs — a 171% increase year-over-year — driving its all-in power cost down 21% to an industry-leading 3.0 cents per kWh.
Riot Platforms cashed in big on its Bitcoin (BTC) holdings in the first quarter of 2026, selling 3,778 BTC for net proceeds of $289.5 million as the major miner navigated a challenging environment for digital asset producers.
The Colorado-based company unloaded the coins at an average net price of $76,626 each, according to its first quarter production and operational update released on April 2, 2026.
That haul came even as Riot mined just 1,473 BTC during the three months ended March 31 — a 4% drop from 1,530 BTC in the same period a year earlier. The firm’s average daily output slipped from 17.0 to 16.4 coins.
By quarter’s end, Riot’s BTC treasury had shrunk 18% to 15,680 coins, including 5,802 restricted ones, down from 19,223 a year ago. The aggressive selling stands out against modest production and reflects broader pressure on miners amid fluctuating bitcoin prices and rising network difficulty.
On the operations side, Riot showed clear progress in scale. Deployed hash rate jumped 26% to 42.5 exahashes per second, while average operating hash rate climbed 23% to 36.4 EH/s. Fleet efficiency improved 4% to 20.2 joules per terahash, helping the company squeeze more from its rigs.
Meanwhile the firm’s power strategy remained a bright spot. Riot pocketed $21.0 million in total credits from curtailment and demand response programs in Texas and other markets — a 171% surge from the prior year. That drove its all-in power cost down 21% to a rock-bottom 3.0 cents per kilowatt-hour.
Broader miner selling wave adds pressure
The update arrives as Bitcoin miners wrestle with post-halving economics and softer demand for the crypto asset. Publicly listed miners have collectively offloaded more than 15,000 BTC from their treasuries in recent months amid profitability strains, high energy costs, and balance sheet management needs.
In a notable move, MARA Holdings sold 15,133 BTC between March 4 and March 25, 2026, generating approximately $1.1 billion in proceeds at an average price of around $65,300 per coin. The company used the funds primarily to repurchase about $1 billion in convertible senior notes, slashing its total convertible debt by roughly 30% and booking an $88.1 million economic gain.
This wave of selling, which includes other players reducing or even zeroing out holdings, highlights the sector’s shift toward liquidity preservation, debt reduction, and in some cases funding diversification into AI and high-performance computing infrastructure.
Shares of Riot reacted modestly in Thursday trading, showing a decent increase of 2.47% and surging to $12.86 but it is down nearly 22% in the past month—as per YahooFinance data.
Full financial results, including any impairment charges or revenue details, are expected later with the quarterly 10-Q filing. Riot has upcoming appearances at investor conferences in May.
Also read: Bitcoin’s April Test: Negative Coinbase Premium Signals Lingering Weakness
