Publicly traded Bitcoin miner Riot Platforms sold over $250 million worth of BTC during Q1 2025. The firm has sold Bitcoin in consecutive quarters, using proceeds to fund operations and growth as it pivots towards AI and high-performance computing. Shares in RIOT rose nearly 2.5% Thursday but are down 33% over six months.
Riot Platforms sold 3,778 Bitcoin at an average price exceeding $76,000 during the first quarter, generating over $250 million. This sale decreased its total holdings to 15,680 BTC, valued at approximately $1.04 billion based on Bitcoin’s current price of $66,844.
The Colorado-based miner has now sold Bitcoin in consecutive quarters, following earlier sales in November and December that netted nearly $200 million. At that time, speculation suggested the funds would be used for capital expenditures related to its entry into the AI sector.
Many Bitcoin miners are making similar pivots, with rival Bitfarms completely detaching from Bitcoin to focus on AI, and MARA recently selling $1.1 billion in BTC to fuel its AI transition. Riot’s CEO, Jason Les, stated that previous sales were designed to “fund ongoing growth and operations.”
The firm’s strategic focus is now on AI and high-performance computing, leveraging its large power portfolio for data center infrastructure. “2025 marked a watershed year for Riot, defined by a strategic evolution in our business that has transformed our future trajectory,” Les said. He added that the long-term goal is to fully utilize its power portfolio for data center development.
An activist investor, Starboard Value, suggested this AI opportunity requires a “renewed sense of urgency” and could boost the firm’s valuation by as much as $21 billion. Shares of RIOT finished Thursday up 2.47%, trading at $12.86, but have declined 33% over the past six months as Bitcoin has fallen 47% from its all-time high of $126,080.
