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x402
Riot Platforms Sells 475 
$BTC for $38.8M After 15-Month Holding Streak
Riot Platforms sold 475 $BTC in April, generating approximately $38.8 million in net proceeds in its first significant #Bitcoin sale in over a year.
The sale included 463 $BTC mined in April plus an additional 12 $BTC from reserves, according to the company's Monday announcement.
"These sales reduce the need for equity fundraising, limiting the amount of dilution in our stock," explained Riot CEO Jason Les.
Despite the sale, Riot maintains 19,211 $BTC as of May 5, remaining one of the largest corporate Bitcoin holders behind Strategy and MARA Holdings.
The company reported $161.4 million in Q1 revenue but posted a $296.4 million net loss as #mining costs rose to $43,808 per Bitcoin following April's halving.
