Riot’s December Bitcoin Sales Mark Largest Monthly Liquidation as Hashprice Sinks
Riot Platforms (NASDAQ: RIOT) sharply increased its bitcoin sales in December, carrying out its largest monthly liquidation to date as mining profitability fell to historic lows.
Based on the company’s monthly production update released Tuesday, Riot mined 460 BTC during December and ended the month holding 18,005 BTC. That compares with more than 19,368 BTC reported at the end of November, implying net bitcoin sales of roughly 1,820 BTC over the course of the month.
Riot disclosed that the December sales generated approximately $160 million in proceeds at an average price of about $88,900 per bitcoin. The volume of bitcoin sold was nearly four times the company’s December production, marking a significant drawdown of its treasury holdings rather than a sale limited to newly mined coins.
The December liquidation stands in sharp contrast to Riot’s approach earlier in the cycle. The company retained 100% of its bitcoin production throughout much of 2024 and even expanded its holdings by purchasing roughly 5,700 BTC toward the end of the year, using proceeds from convertible bond offerings. That strategy helped push Riot’s bitcoin balance above 19,000 BTC heading into early 2025.
Riot began shifting course in April 2025, when it started selling a majority of its monthly bitcoin production, though typically not exceeding the amount it mined in a given month. Those sales marked a gradual move away from full retention as mining margins compressed following the halving and network difficulty continued to climb.
December represented a clear break from that pattern. The roughly 1,820 BTC sold during the month far exceeded Riot’s production, effectively turning the company into a net seller of treasury bitcoin and reducing its reserves by more than 1,300 BTC month over month.
The sales came alongside other liquidity measures. Earlier this month, Riot reset its at-the-market equity program, replacing a prior facility that still had about $150 million of remaining capacity with a new ATM allowing for up to $500 million in potential share sales. The move expanded Riot’s ability to raise capital externally at a time when hashprice has hovered near cycle lows, limiting cash flow generation from mining operations.
