Riot Platforms sold 3,778 bitcoins in the first half of 2026, generating $289.5 million and marking a shift in strategy as the miner redirects capital to infrastructure and computing efficiency.
The amount sold exceeded the company’s quarterly production of 1,473 BTC by about 2.6 times, indicating a decrease in reserves rather than normal profit taking. Riot ended the quarter with 15,680 BTC, down 18% from 18,005 BTC at the end of 2025.
Sales appear to have extended over the reporting period. Blockchain analytics firm Arkham Intelligence has flagged an outflow of 500 BTC from a wallet linked to Riot after the end of the quarter, suggesting the continuation of the shutdown.
The imbalance between manufacturing and sales comes as Riot accelerates its expansion into artificial intelligence and computing efficiency. The company has begun to reposition its business model away from relying solely on bitcoin mining, seeking to monetize its energy assets and data center assets through long-term infrastructure contracts.
In January, Riot sold 1,080 BTC to fund the purchase of 200 acres at its Rockdale, Texas property. It also entered into a ten-year agreement with Advanced Micro Devices to supply 25 megawatts of power, with an option to scale to 200 MW. The deal is expected to generate approximately $311 million in contract revenue in its first term.
Performance metrics complicate narratives of stress. Riot reduced its total energy costs to 3.0 cents per kilowatt hour, a 21% decrease from the previous year, while increasing the hash rate used by 26% to 42.5 exahashes per second. The average hash rate of the operation increased by 23% to 36.4 EH/s, reflecting the continued investment in mining capacity.
The company also generated $21 million in electricity credits in the quarter, more than double the previous year, through participation in grid services and energy systems.
Bitcoin HODLers like RIOT are selling
Industrial conditions remain a factor. Rising energy costs coupled with political tensions have squeezed margins across the mining sector, leading several owner-operators to liquidate their holdings. MARA Holdings, Genius Group, and Nakamoto Holdings have collectively sold more than 15,000 BTC in recent days, indicating a broader shift in capital allocation.
Riot’s Q1 activity underscores a shift in the sector, where bitcoin reserves are used as sources of diversification rather than held as long-term balance sheet assets.
The trend extends beyond corporate wealth. Bhutan continued to reduce its BTC reserves, 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 with government-backed mining operations, reaching more than 13,000 BTC at its peak in October 2024.
Despite the recent sell-off, 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.
