Riot Platforms (NASDAQ: $RIOT) sold 3,778 Bitcoin (CRYPTO: $BTC) in this year’s first quarter, netting $289.5 million U.S. in the process.

The number of Bitcoin sold by Riot Platforms during the quarter dwarfed the 1,473 BTC that the company produced through its mining operations in the first three months of this year. 

The company ended March with 15,680 Bitcoin on its books, down 18% from the 18,005 coins it held at the end of 2025. 

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Riot Platforms’ current BTC holdings are worth $1.04 billion U.S. based on Bitcoin’s current price of $66,596 U.S. 

Data from blockchain intelligence platform Arkham shows that another 500 BTC exited a Riot Platforms’ crypto wallet on April 2, suggesting that the selling has continued beyond Q1. 

The sales come as Riot Platforms pivots to focus more on artificial intelligence (A.I.) data centres and high-performance computing (HPC). 

Management at Riot Platforms have a goal to shift the company’s business model beyond pure Bitcoin mining and towards A.I. and HPC infrastructure hosting.

That pivot is capital intensive and requires Riot to sell its BTC holdings to fund the operational change, as well as the energy costs involved with A.I. data centres. 

Those costs have also spiked alongside rising energy prices dues to the escalating war with Iran, which are compressing profit and operating margins across the industry.

Riot Platforms’ strategy change and BTC sales also come amid reports of an unwinding in Bitcoin treasury strategies as the price of the largest cryptocurrency continues to slump. 

RIOT stock has risen 76% over the past 12 months to trade at $12.86 U.S. per share.