Riot Platforms Sells $44 Million in Bitcoin Amid Mining Industry Headwinds
Summary
Riot Platforms sold $38.8 million worth of Bitcoin in April to enhance liquidity amid tightening mining margins. The company sold 475 BTC at an average price of $81,731 per coin, mining 463 BTC in April and using 12 from reserves. Riot retained 19,211 BTC, valued at approximately $1.8 billion. The sale aims to fund growth and operations while reducing reliance on equity financing. Bitcoin's fourth halving event reduced block rewards, impacting profitability despite a 47% price increase over the past year. Rising network difficulty has further eroded margins. Riot shares fell 5.84% to $7.90.
