Riot Records Largest Monthly Bitcoin Sale in December

Riot Platforms carried out its largest monthly bitcoin sale in December, marking a significant shift in treasury management amid deteriorating mining economics. The move came as bitcoin mining profitability declined, network difficulty increased, and hashprice remained near multi-year lows.

According to the company’s monthly production report, Riot mined 460 BTC in December. However, it sold approximately 1,820 BTC during the same period. As a result, Riot ended the month with 18,005 BTC on its balance sheet, down from 19,368 BTC in November.

Shift from accumulation to liquidation

The December bitcoin sales generated roughly $160 million in proceeds. The average realized price was about $88,900 per BTC. Notably, the volume sold far exceeded monthly production, signaling a drawdown of treasury holdings rather than routine operational sales.

Earlier in the cycle, Riot followed a markedly different strategy. Throughout much of 2024, the company retained all mined bitcoin and even expanded its holdings. Toward the end of that year, Riot acquired approximately 5,700 BTC using proceeds from convertible bond offerings.

However, after the halving event and sustained increases in network difficulty, mining margins tightened. Beginning in April 2025, Riot gradually increased monthly sales, but generally limited them to current production levels. December represented a clear departure from that approach.

Hashprice pressure and capital management

Industry data shows that bitcoin hashprice remained under significant pressure late in the year. Lower revenues per unit of hashpower constrained miners’ ability to fund operations internally. For large public miners, this environment has accelerated reliance on balance sheet management and external financing.

Alongside the bitcoin sales, Riot recently reset its at-the-market equity program. The company replaced a prior facility with approximately $150 million in remaining capacity with a new $500 million ATM authorization. This move provides additional financial flexibility but highlights the strain on mining-generated cash flow.

Overall, Riot’s December liquidation underscores a broader industry trend. As profitability remains compressed, major bitcoin miners are prioritizing liquidity and operational resilience over aggressive bitcoin accumulation.

Read also: Riot Platforms Launches New $500M ATM as Mining Margins Stay Tight