US large Bitcoin miner Riot Platforms sold 475 Bit in April, marking its first large-scale sell-off since January last year, raising approximately $388 million. This move has attracted market attention, especially against the backdrop of Bitcoin price recovery and divergent corporate holding strategies, raising questions about whether this signals a wavering of the "HODL" belief.
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ToggleRiot Restarts BTC Sell-off, Raising Nearly $390 Million in April
Riot Platforms stated in a recent announcement that it sold 475 BTC in April, its first large-scale sell-off since January 2024. Of these, 463 were newly mined that month, with 12 from reserves, totaling approximately $388 million in proceeds.
CEO Jason Les explained that the decision to sell BTC aims to reduce the need for equity financing and minimize share dilution:
We continue to evaluate various funding sources and prioritize maintaining a robust balance sheet.
BTC Mining Costs Rise, Riot Suffers Nearly $300 Million Loss in First Quarter
Despite rising BTC prices, Riot reported a loss of $296 million in Q1 2025, in stark contrast to the $212 million net profit in the same period last year. A key reason is the increase in BTC mining costs, with the average cost per BTC rising from $23,034 in the same period of 2024 to $43,808.
Additionally, Riot's BTC mining revenue increased by $71.5 million, with total revenue reaching $161.4 million, but this was insufficient to offset the cost pressures.
Nevertheless, Riot holds 19,211 BTC, making it one of the largest corporate BTC holders, second only to Strategy (formerly MicroStrategy) and another mining company, MARA Holdings.
Corporate Holding Strategies Diverge, Strategy Continues to Increase Stake
In contrast to Riot's sell-off, Strategy continues to increase its BTC stake. As of the May 2025 financial report, Strategy holds 528,185 BTC, with an original cost basis and market value of $35.6 billion and $43.5 billion respectively, reflecting an average cost of about $67,457 per BTC.
The company announced in its report that it will double its financing plan from the "21/21 Plan" to the "42/42 Plan" to raise more funds for BTC purchases.
(Strategy Suffers $5.9 Billion Loss in Q1 BTC, Doubles "21/21 Plan" to "42/42 Plan")
MARA Holdings Maintains HODL Strategy, No BTC Sold in April
Another major mining company, MARA Holdings, did not sell any BTC in April 2025, maintaining a total holding of 48,237 BTC.
Despite a decline in mining output due to increased global computing power and mining difficulty, MARA remains committed to its holding strategy and is expanding its data centers in Ohio and wind power facilities in North Dakota and Texas to reduce mining costs and improve energy efficiency.
(Mining Company MARA Earns $500 Million in 2024, HODL Strategy Brings BTC Appreciation Effect)
HODL or Cash Out? The Future of BTC Under Divergent Corporate Strategies
Riot's sell-off contrasts sharply with the holding strategies of companies like Strategy and MARA, reflecting the divergence in corporate approaches to holding or cashing out amid rising BTC prices.
As BTC market uncertainty increases, companies must balance funding needs with long-term investments, and the future market direction will depend on the effectiveness of these strategies and market responses.
Risk Warning
Cryptocurrency investments carry high risks, with prices potentially experiencing extreme volatility. You may lose your entire principal. Please carefully assess the risks.
