Publicly traded Bitcoin miner Riot Platforms parted ways with more than $250 million worth of BTC during the first quarter of the year, the firm announced on Thursday.
The firm sold 3,778 Bitcoin at an average price of more than $76,000, decreasing its total holdings to 15,680 BTC at the end of Q1—now valued around $1.04 billion as Bitcoin changes hands at $66,844.
The Colorado-based miner has now sold Bitcoin in consecutive quarters, after netting proceeds of nearly $200 million from sales of the top cryptocurrency during November and December.
At that time, speculation was that the funds would be used to fund capital expenditures for its entry into the AI sector, a pivot that nearly all Bitcoin miners are making. For example, publicly traded miner Bitfarms recently announced it was completely detaching itself from Bitcoin to focus on AI. Additionally, one of Riot’s major Bitcoin mining rivals, MARA, recently sold $1.1 billion in BTC to help fuel its pivot into AI.
A representative for the firm did not immediately respond to Decrypt’s request for comment about what its proceeds may be used for.
However, sales from earlier in 2025 were designed to “fund ongoing growth and operations,” according to the firm’s CEO, Jason Les.
Those ongoing operations are particularly focused on AI and other high-performance computing needs moving forward, according to the firm’s most recent strategic business update.
MARA Stock Pops on $1.1 Billion Bitcoin Sale as BTC Miner Buys Back Convertible Debt
“2025 marked a watershed year for Riot, defined by a strategic evolution in our business that has transformed our future trajectory,” Les said in a statement in early March. “By unlocking our large, nearly two-gigawatt power portfolio for high-demand data center infrastructure, we are driving significant shareholder value.”
The firm, which has used nearly its entire power portfolio for Bitcoin mining thus far, added that its long-term goal is “to fully utilize our power portfolio for data center development.”
Its Bitcoin sales may be helping move in that direction—one that an activist investor recently suggested required a “renewed sense of urgency” in order to fully capitalize on the AI opportunity before it. That opportunity, the investor Starboard Value said, could be worth as much as a $21 billion boost to the firm’s valuation.
Shares of RIOT finished up 2.47% on Thursday, recently trading at $12.86.
Shares have dipped more than 33% in the last six months as Bitcoin has slid 47% from its all-time high of $126,080.