Riot Sells $162 Million in Bitcoin as Mining Hashprice Slumps Back Toward Lows

Riot Platforms sold 1,818 BTC in December 2025, generating $161.6 million in proceeds and reducing its Bitcoin holdings to 18,005 BTC. This marked the largest single-month sale in the company's history and represented a shift in strategy amid declining mining profitability. The average sale price was $88,870 per bitcoin, reflecting a lower valuation compared to November 2025.

The company's December sales occurred as the hashprice for Bitcoin mining neared historical lows, prompting a broader industry adjustment in capital allocation. Riot's move aligns with similar actions by other major miners, including CleanSpark, which sold 577 BTC last month for $51.5 million. These sales are primarily seen as part of an effort to fund AI infrastructure and operational expansions.

Riot's hashrate operations also saw growth in December, with an average deployed hashrate of 38.5 exahashes per second, a 5% increase from November and 22% from a year earlier. The company's operational efficiency improved slightly, with a fleet efficiency of 20.2 joules per terahash.

Why Did This Happen?

Riot's large Bitcoin sale in December 2025 reflects a strategic shift in response to declining mining profitability. The company's hashprice, a measure of mining revenue per unit of hashpower, has been near cycle lows for most of the last quarter. This has forced miners to seek alternative funding sources to maintain operations and expand into new projects.

Riot also noted that its Bitcoin production for December totaled 460 BTC, up 8% from November but down 11% from the same month in 2024. Despite the production increase, the company's need to fund capital expenditures and AI development has led to a more aggressive sales strategy.

How Did Markets React?

The sales coincided with a broader industry trend of miners using Bitcoin treasury liquidations to fund new infrastructure projects. Analysts suggest that the amount of Bitcoin sold by Riot could be sufficient to fund the first phase of its Corsicana AI data center build. This move is part of a larger trend where miners are increasingly relying on Bitcoin sales to raise capital for AI and data center expansions.

Riot's stock price has been volatile in recent months, but it remains up 24% year-to-date despite the recent Bitcoin price pullback. Institutional analysts continue to see long-term upside for the company, particularly if it secures additional power capacity for its mining operations.

What Are Analysts Watching Next?

Investors and analysts are closely monitoring how Riot and other miners manage their Bitcoin treasuries in the coming months. The company has announced it will shift from monthly production updates to quarterly disclosures, aligning with broader corporate reporting strategies. This change may affect how frequently the market receives operational and financial data from Riot.

Another key development is Riot's decision to expand its at-the-market equity offering program from $150 million to $500 million in December 2025. This move gives the company more flexibility to raise capital but could also result in increased share dilution for existing shareholders.

As the Bitcoin mining sector continues to adapt to fluctuating prices and operational costs, the balance between Bitcoin sales, equity financing, and infrastructure investments will remain a key focus for investors and analysts alike.