No longer HODL? Riot has sold 475 Bitcoins again after a year and a half, cashing out nearly 390 million dollars.

The large American Bitcoin miner Riot Platforms sold 475 Bitcoins last month, marking its first significant dumping since January of last year, cashing out approximately $388 million. This move has attracted market attention, especially against the backdrop of Bitcoin prices recovering compared to last year and the divergence in corporate holding strategies. Does Riot's action represent a shake in the "HODL" belief?

Riot restarts Bitcoin dumping, cashing out nearly 390 million dollars in April

Riot Platforms stated in a statement yesterday that it sold 475 Bitcoins in April this year, marking the first large-scale sell-off since January 2024. Of these, 463 were newly mined that month, while 12 came from reserves, totaling approximately $388 million.

CEO Jason Les stated that this decision to sell Bitcoin aims to reduce the need for equity financing, thereby minimizing the dilution of the company's shares:

We continuously evaluate various sources of funding and prioritize maintaining a robust balance sheet.

The cost of Bitcoin mining has risen, and Riot reported a loss of nearly 300 million dollars in the first quarter.

Despite the rise in Bitcoin prices, Riot reported a loss of $296 million in Q1 2025, a stark contrast to the net profit of $212 million during the same period last year. One of the main reasons is the increase in Bitcoin mining costs, with the average cost per coin rising from $23,034 in the same period of 2024 to $43,808.

In addition, Riot's Bitcoin mining revenue increased by $71.5 million, with total revenue reaching $161.4 million, but it still could not offset the pressure from rising costs.

Even so, Riot holds 19,211 BTC, making it one of the largest Bitcoin corporate holders, second only to MicroStrategy ( now renamed Strategy) and another mining company MARA Holdings.

The divergence in corporate holding strategies, MicroStrategy continues to increase its holdings.

In contrast to the dumping by Riot, MicroStrategy continues to increase its holdings of Bitcoin. As of the financial report in May 2025, the strategy holds 528,185 Bitcoins, with an original cost basis and market value of $35.6 billion and $43.5 billion, respectively, reflecting an average cost of approximately $67,457 per Bitcoin.

The company also announced in the report that it has directly doubled its financing plan "21/21 Plan" to "42/42 Plan" in order to raise more funds to purchase Bitcoin.

( MicroStrategy Strategy Bitcoin Q1 major loss of 5.9 billion, the "21/21 plan" directly doubled to "42/42 plan" )

MARA Holdings firmly adheres to the HODL strategy and did not sell any Bitcoin in April.

Another large mining company, MARA Holdings, did not sell any Bitcoin in April 2025 and holds a total of 48,237 coins.

Despite the decline in mining output that month due to the rise in global hash rate and increased mining difficulty, MARA remains committed to its holding strategy and is expanding its data centers in Ohio and wind power facilities in North Dakota and Texas to reduce mining costs and improve energy efficiency.

( Mining Company MARA earns 500 million dollars throughout 2024, the HODL strategy brings Bitcoin appreciation effect )

HODL or sell? The future of Bitcoin amidst corporate strategy divergence.

Riot's dumping behavior stands in stark contrast to the holding strategies of companies like Strategy and MARA, reflecting the divergence in corporate strategies regarding holding and cashing out against the backdrop of soaring Bitcoin prices.

As the uncertainty in the Bitcoin market increases, businesses need to strike a balance between funding needs and long-term investments. The future market direction will depend on the effectiveness of these strategies and the market's response.

This article is no longer HODL? Riot has once again sold 475 Bitcoins after a year and a half, cashing out nearly 390 million dollars. It first appeared in Chain News ABMedia.