Public Bitcoin miner Riot Platforms has extended its selling spree, depositing another 500 BTC (worth approximately $39 million) to an institutional deposit address associated with NYDIG, according to on-chain data cited by blockchain tracking firm Lookonchain. The transfer is part of a sustained pattern: over the past two weeks, Riot has been sending regular batches ranging from 60 to 125 BTC to NYDIG execution hot wallets almost daily, including another 500 BTC deposit two weeks earlier.
The move aligns with the company's broader strategy to raise cash through Bitcoin sales. In its Q1 2026 operational report, Riot disclosed the sale of 3,778 BTC, generating $289.5 million in proceeds at an average price of $76,626 per Bitcoin. Riot remains one of the largest publicly traded Bitcoin mining companies, but post-halving pressure and rising mining difficulty are squeezing margins industry-wide. The latest Bitcoin halving cut block rewards by 50%, reducing the amount of new BTC miners receive per block. Meanwhile, network difficulty continues to climb, forcing firms to upgrade to more energy-efficient ASIC rigs and expand physical infrastructure — all of which require significant capital.
Riot is not alone in liquidating holdings. Competitor MARA has sold more than 15,000 BTC for approximately $1.1 billion after revising its 2026 treasury policy to explicitly allow ongoing sales for operational needs. CleanSpark sold 405 BTC at spot prices and an additional 500 BTC. Core Scientific announced the sale of 1,900 BTC earlier this year, with stated plans to exit its Bitcoin holdings entirely by the end of Q1 2026. These actions mark a broader shift among public miners, who are increasingly converting Bitcoin reserves into cash to fund operations, service debt, and acquire equipment.
