Riot Platforms, one of the industry's largest publicly traded Bitcoin miners, has extended its selling spree.
According to on-chain data, the mining giant continues to cash out its Bitcoin reserves.
Tens of millions of dollars worth of the flagship cryptocurrency have been funneled to institutional Bitcoin broker NYDIG.
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The $39 million transfer
According to blockchain tracking firm Lookonchain, Riot Platforms deposited an additional 500 BTC (valued at approximately $39 million) to an NYDIG deposit address.
Over the past two weeks, Riot has been sending regular batches ranging from 60 to 125 BTC to NYDIG execution hot wallets almost daily.
There have been multiple major transfers, including another 500 BTC deposit exactly two weeks prior.
Miner capitulation
After the latest Bitcoin halving, which slashed the block subsidy by 50%, miners are facing intense pressure to remain profitable.
The network's mining difficulty continues to climb. Due to this factor, companies upgrade their fleets with the most energy-efficient ASIC rigs and expand their physical infrastructure.
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Some major mining firms have lost their "diamond hands" status. MARA has executed some of the largest liquidations in the industry. The company recently revised its 2026 treasury policy to explicitly allow ongoing BTC sales for operational needs. MARA has sold more than 15,000 BTC for approximately $1.1 billion.
Riot has been a consistent seller this year. In its Q1 2026 operational report, the firm revealed the sale of 3,778 BTC, generating $289.5 million at an average price of $76,626.
CleanSpark sold 405 BTC at spot prices and an additional 500 BTC. Core Scientific announced the sale of 1,900 BTC at the beginning of the year, with stated plans to completely exit its Bitcoin holdings by the end of the first quarter of 2026.
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