Summary
- Riot Platforms said it sold 3,778 bitcoins in Q1 at an average price of $76,626 amid a Bitcoin bear market.
- Following the sale, Riot Platforms’ bitcoin holdings fell to 15,680, and other major mining firms have also been selling their holdings in succession.
- The sales are seen as fundraising to support business diversification into areas such as AI, while Riot’s bitcoin output fell about 4% year on year.
Forecast Trend Report by Period
As Bitcoin (BTC)’s bear market drags on, mining firms appear to have moved to large-scale selling.
According to The Block on the 3rd (Korea time), Riot Platforms sold a total of 3,778 bitcoins during the first quarter. That amounts to about $289.50 million (about 390 billion won). The average selling price was $76,626.
The sale reduced Riot Platforms’ bitcoin holdings to 15,680.
Major miners have recently been selling their holdings in succession. Last month, Marathon Digital Holdings sold about 15,133 bitcoins, and Core Scientific also disposed of 1,900 bitcoins in January this year.
The moves are widely seen as efforts to raise funds to diversify businesses into areas such as artificial intelligence (AI). However, Riot Platforms did not explain the exact reason for the sale.
Meanwhile, Riot Platforms’ bitcoin output dipped slightly. Riot Platforms mined 1,473 bitcoins in the first quarter, down about 4% from a year earlier.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
