Last month, Riot Platforms sold 475 Bitcoin, reversing its long-term hodl policy, while Strategy bought BTC worth $180 million today. This is considered Riot's first Bitcoin sale since January 2024.
While MicroStrategy continues to adhere to its strong accumulation policy, not all industry leaders are impressed. For example, technology founder and entrepreneur Anton Golub warned about the dangers of Strategy's BTC purchases, describing it as a Ponzi model.
Riot Sells Bitcoin While Strategy Continues Buying
Riot Platforms is one of the most prominent Bitcoin mining companies in the world, and their typical strategy was to hodl all of their tokens. In addition to mining a large amount of Bitcoin, they have also purchased this asset on several recent occasions.
However, today Riot released a press release detailing the sales transactions they conducted in April:
"In April, we made a strategic decision to sell our monthly Bitcoin production to fund ongoing development and operations. We continuously evaluate the best funding sources, considering multiple factors and prioritizing a strong balance sheet," said Jason Les, CEO of Riot.
He also noted that Riot is ending its mining storage operations, which previously provided income. With mining revenue at risk, the company is deciding to readjust its goals, at least temporarily.
Les stated that Riot mined 463 Bitcoin in April, so they had to use reserves, referring to "two consecutive difficulty adjustments" that disrupted operations.
If one company continues to hold a large Bitcoin reserve, it is Strategy. The company has consistently made large BTC purchases throughout 2025 and recently proposed selling new shares worth up to $84 billion to fund these purchases.
The company's chairman, Michael Saylor, announced another purchase today, buying 1,895 BTC for $180.3 million.
However, this purchase occurs at a dangerous time for the company. Strategy recently reported a net loss of $4.2 billion in Q1, and may need to liquidate its held Bitcoin.
Anton Golub, a technology entrepreneur and founder of multiple companies including Freedx, noted this dangerous situation:
"[The biggest catastrophe for the crypto industry is] Michael Saylor and his crazy $84 billion Bitcoin purchase. Saylor is now offering shares with an annual yield over 10%. But Strategy has no profit. No sustainable revenue. So where does the yield come from? New investors! It only works if Bitcoin continues to rise forever. When this collapses, small investors will be destroyed," he said.
Golub also noted that MicroStrategy is using potentially risky convertible bonds to fund these Bitcoin purchases. Essentially, the company is often described as a pillar of market confidence in BTC.
However, Saylor is almost prohibited from selling. The crypto community carefully follows each purchase and worries about pauses; if he sells, it will certainly affect Bitcoin's price.
In summary, Riot and Strategy's Bitcoin activities seem somewhat concerning. A large BTC mining company is abandoning its hodl plan, and it is not the only company doing so in recent months.
Meanwhile, one of the most prominent whales may be stepping onto thin ice. If Saylor trades irresponsibly, his actions could help inflate an individual issue into a much larger problem.
