Riot platform sold Mining Bitcoin for the first time since January 2024, with a net income of 38.8 million dollars.

Source: The Block

Riot Platforms sold 475 BTC in April, marking its first large-scale Bitcoin sale since January 2024, with a net profit of approximately 38.8 million dollars.

Last week, the Bitcoin mining company listed on Nasdaq reported a total revenue of $161.4 million for the first quarter.

Riot Platforms is one of the largest publicly traded Bitcoin mining companies, which announced on Monday that it sold mined Bitcoin in April, marking the first sale of mined Bitcoin in over a year. During this period, the company sold 475 BTC, including 463 BTC from its mining output and 12 BTC from reserves.

Riot's CEO Jason Les stated in a press release: "We continuously evaluate the best sources of capital, considering various factors and prioritizing a strong balance sheet. These sales have reduced our need for equity financing, thereby limiting our equity dilution."

As of May 5, Riot holds 19,211 BTC, making it one of the largest corporate Bitcoin holders, second only to Strategy and mining company MARA Holdings.

The supplement stated that the company will continue to monitor market conditions and utilize available tools for sustainable financing while maintaining its long-term Bitcoin reserve strategy.

Riot reported that total revenue for the first quarter was $161.4 million, with Bitcoin mining revenue increasing by $71.5 million. Despite the increase in revenue, the company still recorded a net loss of $296.4 million, compared to a net income of $211.8 million in the same period last year.

After the Bitcoin halving in April, the average cost of mining one Bitcoin rose to $43,808 in the first quarter, compared to $23,034 in the same period in 2024.

According to RIOT price data from The Block, Riot's stock fell 4% at the time of publication, trading at $8.04.