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Riot Platforms mined 1,473 BTC in Q1 2026 and sold 3,778 BTC in the same quarter. They sold more than twice what they produced
That number deserves a second look. Riot is one of the largest Bitcoin miners in the world. Mining is the entire business. And in Q1 they offloaded 3,778 BTC at an average of $76,626 per coin, collecting $289.5 million in net proceeds while Bitcoin was trading well above that level by quarter end.
A year ago in Q1 2025, Riot sold zero Bitcoin. Holdings sat at 19,223 BTC. By March 31, 2026, that stack had dropped to 15,680 BTC, an 18% decline year over year. No official explanation was offered in their production update.
The timing makes this harder to ignore. Metaplanet, a Japanese hotel company with no mining operation, spent Q1 buying 5,075 BTC at an average of $79,898 per coin and filed the disclosure without comment. Riot, whose entire revenue model is built around producing Bitcoin, spent the same quarter selling more than it mined and stayed equally silent about why.
One entity treats Bitcoin as the destination. The other is treating it as inventory to move.
Both filed their numbers the same week. The market can decide which posture ages better.
#Bitcoin #RiotPlatforms #GateSquareAprilPostingChallenge