• Riot Blockchain Sold Almost Half of April’s Bitcoin Production

  • With the sale of 250 bitcoins, the company raised $10 million.

    Riot Blockchain (RIOT), one of the world’s largest publicly traded bitcoin miners, raised approximately $10 million in April through the sale of 250 bitcoins as it pursues large-scale expansion plans. It is the confirmed bitcoin holder’s second consecutive month of bitcoin (BTC) sales, as the company sold 200 bitcoins for $9.4 million in March.

    The sales represent only a small portion of Riot’s holdings, which totaled 6,320 bitcoins at the end of April, up from 6,062 a month earlier.

    “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. “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 generated 508 bitcoins in April, up from 511 in March and 203 in April 2021.

    The company’s balance sheet is likely to be bolstered as it continues its aggressive expansion plans. The miner recently announced plans to build a 1 gigatonne project in Navarro County, Texas. The company estimates that the first phase of the project will cost $333 million, which will be invested over the next two years.

    Riot is also working on a 400 megawatt infrastructure expansion project at its Whinstone plant in Rockdale, Texas.

    Riot filed in April for the sale of up to $500 million in shares on an as-needed basis, also known as a “at-the-market” offering, the proceeds of which could be used to fund existing and future projects. According to a recent presentation, the company’s balance sheet contained $312.5 million in cash.

    Riot stock is up slightly on Tuesday morning, while bitcoin is unchanged at $38,300.

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