Bitcoin Miner Riot Platforms Sold nearly 4000 Bitcoin in the First Quarter

Key Insights

• Riot Platforms produced 1,473 BTC and sold 3,778 BTC in the first quarter of 2026.
• The Bitcoin miner joins other firms, including MARA, Genius Group, and Nakamoto, that have been selling BTC.
• Strategy remains the largest Bitcoin buyer even as whales have turned net sellers over the last year.

Bitcoin miner Riot Platform is selling off its Bitcoin holdings with another 3,778 BTC dumped in Q1 of 2026. The firm disclosed this in its press release, noting that its Bitcoin holdings have now dropped to 15,680 BTC, an 18% decline from the same quarter in 2025.

The company appeared to have timed its sale perfectly with net proceeds of $289.5 million and an average net price of $76,626. Riot only produced 1,473 BTC in the quarter.

More Miners and Firms Divest From Bitcoin Amidst Price Struggles

Interestingly, Riot has continued its sale in Q2, with the miner selling 500 BTC in early April. However, the selloffs are not unique to the firm, as other Bitcoin miners have also been selling.

MARA Holdings also dumped around 15,133 Bitcoin for $1.1 billion, using the proceeds to fund a debt buyback. For miners, the sales appear to be funding their operations as more pivot to hosting AI computing. Higher energy prices and lower Bitcoin value mean miners are making less money

However, it is not only miners who are selling. Even firms with Bitcoin treasuries have been liquidating. Nakamoto Holdings reduced its reserves by 284 BTC.

All these appear to be a reaction to Bitcoin price struggles with the asset stuck below $70,000 for the better part of the last two months. Any signs of recovery have been short-lived, with the flagship asset now down almost 25% since the start of the year.

Interestingly, some of the sales are being used to settle debt. Empery Digital also sold 370 BTC for around $25 million, using part of this fund to repay a term loan collateralized by BTC. The company now holds 2,989 BTC, down from around 4,000 at its peak.

Genius Group also sold all 84.15 BTC, marking the end of its Bitcoin acquisition strategy, which saw it hold 440 BTC around the same period last year. The last liquidation was also used to settle an $8.4 million debt.

Even the Bhutan government, which accumulated Bitcoin through mining, has also been selling. The country, which had over 13,000 BTC in 2024, now has a balance of around  3,103 BTC according to Glassnode data.

Strategy Continues to Drive Demand

Unsurprisingly, whales have now turned to sellers instead of buyers. Cryptoquant data shows that holders of 1,000-10,000 BTC have been distributing their tokens. Their one-year holding is -188,000 BTC, compared to 2024, when it was +200,000 BTC.

Despite the sales, institutions still demand Bitcoin. Strategy is responsible for most of this demand, having bought 44,377 BTC in March. This was 94% of all corporate Bitcoin purchases last month.

This is a major reason public companies hold 1.163 million BTC, meaning only Bitcoin exchange-traded funds (ETFs) have more. Strategy alone is responsible for 762,099 BTC.

However, Metaplanet has now become a top-three corporate Bitcoin holder after buying 5,075 BTC in Q1. The company now has 40,177 BTC.

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