Riot Platforms sold 4,300 BTC to fund operations and data center expansion, holding 11,380 BTC total.
Macro & Markets ·
Riot Platforms sold 4,300 BTC to support operations and data center expansion, according to reports. The company retains a total holding of 11,380 BTC, of which 5,821 BTC is pledged as collateral. At Bitcoin's price of $58,527 on June 30, this remaining reserve was valued at approximately $666 million.
During the second quarter, Riot mined 1,587 BTC at an average production cost of $49,912 per coin, excluding depreciation. However, mining revenue declined 19.3% year-over-year to $113.7 million, reflecting a challenging period for the sector's profitability.
The sale underscores capital needs within the industry amid softer revenue conditions. Details on the timing and execution price of the 4,300 BTC sale remain unspecified in available reports.