Riot Platforms 3,778 bitcoin in the first quarter of 2026, generating $289.5 million and marking a shift in strategy as the miner redirects capital toward infrastructure and high-performance computing.

The volume sold exceeded the company’s quarterly production of 1,473 BTC by roughly 2.6 times, signaling a drawdown of treasury holdings rather than routine profit-taking. Riot ended the quarter with 15,680 BTC, down 18% from 18,005 BTC at the close of 2025.

The selling appears to have extended beyond the reporting period. Blockchain analytics firm Arkham Intelligence flagged a 500 BTC outflow from a wallet linked to Riot following the end of the quarter, suggesting continued liquidation activity.

The imbalance between production and sales comes as Riot into artificial intelligence and high-performance computing colocation. The company has begun repositioning its business model away from sole reliance on bitcoin mining, seeking to monetize its energy assets and data center footprint through long-term infrastructure contracts.

In January, Riot sold 1,080 BTC to fund the purchase of 200 acres at its Rockdale, Texas site. It also entered a ten-year agreement with Advanced Micro Devices to provide 25 megawatts of capacity, with an option to scale to 200 MW. The deal is expected to generate about $311 million in contract revenue over its initial term.

Operational metrics complicate a distress narrative. Riot reduced its all-in power cost to 3.0 cents per kilowatt hour, a 21% decline from the prior year, while increasing deployed hash rate by 26% to 42.5 exahashes per second. Average operating hash rate rose 23% to 36.4 EH/s, reflecting continued investment in mining capacity.

The company also generated $21 million in power credits during the quarter, more than double the year-ago period, through participation in grid services and energy programs.

Bitcoin HODLers like RIOT are selling

Industry conditions remain a factor. Rising energy costs tied to geopolitical tensions have pressured margins , prompting several operators to liquidate holdings. MARA Holdings, Genius Group, and Nakamoto Holdings collectively sold more than 15,000 BTC in recent days, reflecting a broader shift in capital allocation.

Riot’s Q1 activity underscores a turning point for the sector, where bitcoin reserves are deployed as funding sources for diversification rather than held as long-term balance sheet assets.

The trend extends beyond corporate treasuries. Bhutan has continued to reduce its BTC holdings, 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 through state-backed mining operations, reaching more than 13,000 BTC at its in October 2024.

Despite the recent selling, 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.

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