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Riot Blockchain Sells Nearly Half of April’s Bitcoin Production
The company raised $10 million with the sale of 250 bitcoins.
By Aoyon Ashraf
Updated May 11, 2023, 5:33 p.m. Published May 3, 2022, 2:52 p.m.
Riot Blockchain (RIOT), one of the world's largest publicly traded bitcoin miners, raised about $10 million in April with the sale of 250 bitcoins as it charges ahead with large-scale expansion plans. It’s the second consecutive month of bitcoin (BTC) sales for the confirmed bitcoin holder, as the company in March sold 200 bitcoins for $9.4 million.
The sales are just a modest fraction of Riot’s holdings, which stood at 6,320 bitcoins at of the end of April, up from 6,062 a month earlier.
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“Riot is monitoring its balance sheet on an ongoing basis, evaluating the level of bitcoin retained from monthly production in consideration of operational and expansion cash requirements,” Trystine Payfer, Riot’s director of communications, said in an emailed statement to CoinDesk. “The company continues to hold a long-term view on its bitcoin holdings and believes it is in the best interest of shareholders to have strong bitcoin holdings on its balance sheet.”
Riot's mining operations produced 508 bitcoins in April, compared with 511 in March and 203 in April of 2021.
The company is likely bulking up its balance sheet amid continuing aggressive expansion plans. Most recently, the miner announced plans to develop a 1 gigawatt project in Navarro County, Texas. The company estimates the total cost of the first phase of the project at $333 million, which is scheduled to be invested over the next two years.
Riot is also developing a 400 megawatt infrastructure expansion project at its Whinstone facility in Rockdale, Texas.
In April, Riot filed for the sale of up to $500 million in shares from time to time, otherwise known as an “at-the-market” offering, proceeds of which may be used for investments in existing and future projects. A recent presentation said the company had $312.5 million in cash on its balance sheet.
Riot shares are up modestly on Tuesday morning, with bitcoin little changed at $38,300.
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