One of North America’s largest Bitcoin mining firms, Riot Platforms, has reportedly sold a substantial portion of its Bitcoin (BTC) holdings.
According to the information, Riot sold 475 BTC, worth approximately $38.8 million, to institutional crypto custodian NYDIG.
In addition to the sale, Riot also transferred another $6.7 million in BTC to the same custodian, according to Arkham’s tracking dashboard. The movement of funds has triggered speculation among crypto observers regarding Riot’s intentions — and whether the company may be planning further BTC sales.
As a publicly traded miner, Riot regularly holds large volumes of Bitcoin as part of its treasury strategy. The company, previously known as Riot Blockchain, has built a significant footprint in the U.S. mining industry with its extensive infrastructure and operational scale.
While it’s not unusual for mining firms to sell BTC to cover operational costs or realize profits during market upswings, the size and timing of the recent transactions have prompted renewed scrutiny from the community.
So far, Riot has not issued a formal statement on the transfers. Analysts will likely be watching the company’s next earnings report or SEC filings for further clarity.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/riot-platforms-moves-millions-in-bitcoin-sparking-speculation-over-future-sales/