Riot Platforms and MARA Holdings significantly increased their Bitcoin sales in the first quarter of 2026 and early April.
Riot Platforms sold 3,778 BTC▼$61,621.00 at an average price of $76,626, generating $289.5 million. At quarter end, the company held 15,680 BTC on its balance sheet.
According to Arkham Intelligence, an additional 500 BTC withdrawal from a Riot-linked wallet was recorded on April 3.
Related: Metaplanet Adds 5K BTC, Rises to Third-Largest Public Bitcoin Holder
MARA Holdings sold 15,133 Bitcoins (BTC) between March 4 and March 25, totaling approximately $1.1 billion. The company used the proceeds to repurchase convertible bonds at a 9% discount.
As a result, MARA reduced its debt by approximately 30%, from $3.3 billion to $2.3 billion. After the sales, MARA’s Bitcoin holdings decreased by 28% to 38,689 BTC.
Over the past week, several other mining companies, including Genius Group and Nakamoto Holdings, sold a combined 15,501 BTC.
Reasons for Active Selling
Both companies are operating amid rising operating expenses, primarily electricity costs. Energy prices have increased significantly due to geopolitical tensions in the Middle East.
Related: Bitcoin Price Posts Worst Q1 Since 2018
Analysts note that less efficient miners are being forced to shut down equipment, leading to a decline in the overall network hashrate.
On March 20, Bitcoin mining difficulty fell from 145 trillion to 133 trillion. Hashrate dropped from approximately 1,160 EH/s to roughly 990 EH/s.
Outlook for the Mining Industry
According to experts, if energy prices decline or Bitcoin’s price rises, some offline capacity may return online. Larger, more efficient operators would then have an opportunity to increase their share of the network hashrate.
MARA Holdings also announced a strategic pivot. The company cut approximately 15% of its workforce (roughly 40 positions). It is shifting focus from pure Bitcoin mining toward developing infrastructure for artificial intelligence and high-performance computing (HPC).
Related: Metaplanet Adds 5K BTC, Rises to Third-Largest Public Bitcoin Holder
