Key Highlights
- Riot Platforms liquidated 3,778 BTC during Q1 2026, generating net proceeds of $289.5 million at an average sale price of $76,626 per Bitcoin.
- Bitcoin production for the quarter totaled 1,473 BTC, representing a 4% decline compared to the same period in 2025, with holdings dropping to 15,680 BTC by March 31.
- The company’s deployed hash rate increased to 42.5 EH/s, marking a 26% year-over-year improvement, while comprehensive power costs decreased 21% to 3.0 cents per kWh.
- Power credits totaling $21 million were generated in Q1, representing a 171% surge from the comparable quarter last year.
- Several Wall Street analysts reduced their price targets after Q4 2025 results, though most continue to recommend the stock as a buy.
Riot Platforms liquidated significantly more Bitcoin during the first quarter of 2026 than its mining operations produced, selling 3,778 BTC while generating only 1,473 coins. The divestiture, executed at a mean price of $76,626 per coin, yielded net proceeds of $289.5 million. At the time of Friday’s disclosure, Bitcoin was changing hands near $66,867.
Riot Platforms, one of Nasdaq's largest publicly traded Bitcoin mining companies, sold 3,778 BTC in the first quarter of 2026, generating net proceeds of approximately $289.5 million. The company's total Bitcoin holdings decreased to 15,680 BTC by the end of the first quarter.… pic.twitter.com/Zt23bziDin
— Wu Blockchain (@WuBlockchain) April 3, 2026
The mining firm concluded the quarter holding 15,680 BTC, representing an 18% reduction from the 19,223 coins held twelve months prior. This figure encompasses 5,802 in restricted holdings. Blockchain analytics platform Arkham separately identified an additional 500 BTC transfer from a wallet linked to Riot’s operations on Thursday.
Riot’s selling activity mirrors a broader industry trend. MARA Holdings, Genius Group, and Nakamoto Holdings combined to liquidate 15,501 BTC over the past seven days, with MARA responsible for the majority. Energy expenditures represent a critical factor. Industry analyst Kadan Stadelmann attributed the pressure to petroleum price volatility stemming from Middle Eastern geopolitical tensions that intensified in February, driving operational expenses upward.
“Miners are forced to sell off their Bitcoin in an attempt to cover their operational costs,” Stadelmann said.
Infrastructure Expansion Continues Despite Market Pressure
Notwithstanding the liquidation pressure, Riot’s mining capabilities expanded throughout the period. The company’s deployed hash rate climbed to 42.5 exahashes per second by quarter’s end, representing a 26% acceleration from the 33.7 EH/s recorded in Q1 2025. The average operational hash rate for the three-month period reached 36.4 EH/s, a 23% year-over-year advancement.
Operational efficiency metrics showed improvement, with fleet efficiency achieving 20.2 joules per terahash, compared to 21.0 J/TH in the prior year period. Comprehensive power expenditures registered at 3.0 cents per kilowatt-hour, declining 21% from the 3.8 cents recorded in Q1 2025.
The company secured $21 million in aggregate power credits throughout the quarter. This total comprises $13.5 million from curtailment credits and $7.5 million derived from ERCOT and MISO demand response initiatives — reflecting a 171% year-over-year expansion.
Wall Street Revises Expectations Following Fourth Quarter Results
After reviewing Q4 2025 performance, multiple financial analysts adjusted their outlook. Cantor Fitzgerald reduced its price objective to $29 from $31 while maintaining an Overweight recommendation. Needham lowered its target to $24 from $30, pointing to mining segment underperformance and elevated operational costs. H.C. Wainwright adjusted downward to $23 from $26 based on disappointing full-year outcomes.
Citizens maintained its Market Outperform stance with a $25 price target, emphasizing Riot’s Texas-based power infrastructure as a valuable strategic resource for potential future leasing arrangements.
Stadelmann noted that less competitive mining operations are already ceasing activities, contributing to the Bitcoin network’s hashrate decline from 1,160 EH/s to approximately 990 EH/s since early March. Mining difficulty similarly dropped on March 20, falling from 145 trillion to 133 trillion.
Riot additionally commenced AMD lease monetization initiatives in January as component of its HPC/AI data center diversification strategy.
