Riot Platforms sold 3,778 BTC during the first quarter, raising about $289.5 million as bitcoin miners and other crypto firms dealt with a difficult market. The company said the coins were sold at an average price of $76,626, above bitcoin’s market price of roughly $66,867 at the time of writing on April 3.
In its Thursday operational update, Riot said it mined 1,473 BTC in the quarter and ended Q1 with 15,680 BTC on its balance sheet. Separate data from Arkham Intelligence showed a 500 BTC outflow earlier in the week from a wallet linked to the miner.
Miner sales add to broader distribution pressure
Riot’s sale came as more crypto-linked firms disclosed bitcoin disposals. Over the past week, MARA Holdings, Genius Group, and Nakamoto Holdings reported combined sales of 15,501 BTC. The growing list points to ongoing balance sheet sales as firms adjust to weaker market conditions.
Market data also reflected that pressure. According to CryptoQuant, bitcoin’s apparent demand fell to negative 63,000 BTC by late March, a sign that distribution had outpaced accumulation in recent weeks. That shift has kept attention on the supply side of the market.
Public-company buying remained concentrated
Not all institutional buyers stepped back. Strategy bought 44,377 BTC in March, representing 94% of all bitcoin purchases made by public companies during the month. In Japan, Metaplanet added 5,075 BTC in Q1 for about $398 million, taking its total holdings to 40,177 BTC.
At the same time, tensions in the Middle East continued to weigh on risk appetite across traditional and digital markets. As of April 3, bitcoin was still trading more than 46% below its all-time high, leaving miners and other corporate holders operating in a market still under pressure.