Riot Platforms sold 3,778 bitcoin in the first quarter of 2026, generating $289.5 million and marking a shift in strategy as the miner redirects capital toward infrastructure and high-performance computing.
The volume sold exceeded the company’s quarterly production of 1,473 BTC by roughly 2.6 times, signaling a drawdown of treasury holdings rather than routine profit-taking. Riot ended the quarter with 15,680 BTC, down 18% from 18,005 BTC at the close of 2025.
The selling appears to have extended beyond the reporting period. Blockchain analytics firm Arkham Intelligence flagged a 500 BTC outflow from a wallet linked to Riot following the end of the quarter, suggesting continued liquidation activity.
The imbalance between production and sales comes as Riot accelerates its expansion into artificial intelligence and high-performance computing colocation. The company has begun repositioning its business model away from sole reliance on bitcoin mining, seeking to monetize its energy assets and data center footprint through long-term infrastructure contracts.
In January, Riot sold 1,080 BTC to fund the purchase of 200 acres at its Rockdale, Texas site. It also entered a ten-year agreement with Advanced Micro Devices to provide 25 megawatts of capacity, with an option to scale to 200 MW. The deal is expected to generate about $311 million in contract revenue over its initial term.
Operational metrics complicate a distress narrative. Riot reduced its all-in power cost to 3.0 cents per kilowatt hour, a 21% decline from the prior year, while increasing deployed hash rate by 26% to 42.5 exahashes per second. Average operating hash rate rose 23% to 36.4 EH/s, reflecting continued investment in mining capacity.
The company also generated $21 million in power credits during the quarter, more than double the year-ago period, through participation in grid services and energy programs.
Bitcoin HODLers like RIOT are selling
Industry conditions remain a factor. Rising energy costs tied to geopolitical tensions have pressured margins across the mining sector, prompting several operators to liquidate holdings. MARA Holdings, Genius Group, and Nakamoto Holdings collectively sold more than 15,000 BTC in recent days, reflecting a broader shift in capital allocation.
Riot’s Q1 activity underscores a turning point for the sector, where bitcoin reserves are deployed as funding sources for diversification rather than held as long-term balance sheet assets.
The trend extends beyond corporate treasuries. Bhutan has continued to reduce its BTC holdings, selling a total of 3,103 BTC. A single transaction on March 30 accounted for 375 BTC, according to Glassnode data.
The country had built its position through state-backed mining operations, reaching more than 13,000 BTC at its peak in October 2024.
Despite the recent selling, public companies still hold about 1.16 million BTC, or more than 5% of bitcoin’s fixed supply of 21 million, according to BitcoinTreasuries.net.