“During the month of April, we made the strategic decision to sell our monthly production of bitcoin to fund ongoing growth and operations. We continuously evaluate the best funding sources, considering a multitude of factors and prioritizing a strong balance sheet. These sales reduce the need for equity fundraising, limiting the amount of dilution in our stock,” said Riot CEO Jason Les.

The decision places Riot among a growing group of public miners pivoting away from full BTC retention amid deteriorating mining economics. CleanSpark, the second-largest public mining company, announced last month that it would begin selling monthly production to cover operational expenses.

By contrast, MARA maintained its 100% hodl policy through April. The company produced 705 BTC last month—making it the largest U.S. public miner by monthly output—but sold none, according to its May 2 operational update. Marathon continues to favor retaining its bitcoin holdings and instead taps external financing sources, such as ATM equity sales and credit facilities, to fund operations.