Riot Moves 500 BTC to NYDIG; Sale Not Shown On-Chain

On July 3 Riot Platforms moved 500 BTC to NYDIG Custody, a transfer valued at about $30.7 million based on current prices. On-chain records available to the public show a custody transfer but do not record any sale proceeds or execution details.

Riot reported producing 1,473 BTC in the first quarter and selling 3,778 BTC for $289.5 million in net proceeds, an average net price of about $76,626 per coin. The company reported negative operating cash flow of $182.651 million for the quarter and listed cash on hand of about $282.5 million, including restricted cash.

Riot’s reported treasury at quarter end was approximately 15,679 to 15,680 BTC. Of that total, 5,802 BTC was described in company filings as restricted or pledged as collateral.

In January Riot disclosed a $96.0 million purchase of 200 acres in Rockdale, Texas, funded by selling roughly 1,080 BTC. The company said it contracted with AMD for an initial 25 megawatts of critical IT load at Rockdale and later expanded the agreement to 50 megawatts. Riot reported $33.2 million in data-center revenue for the quarter, primarily from tenant fit-out services.

A custody transfer to a third-party provider records the movement of coins into custody but does not by itself record sale proceeds or indicate trade execution. The July 3 entry on public ledgers therefore does not confirm that the 500 BTC were sold.

Riot sold more Bitcoin in the first quarter than it mined, with sales of 3,778 BTC versus production of 1,473 BTC. Company filings show Bitcoin sales were a major source of cash used during the period.

Future company disclosures such as production updates, Form 10-Qs, Form 8-Ks or investor presentations could clarify whether the 500 BTC was sold, remains in custody, or was redeployed for collateral or other balance-sheet purposes.

Riot’s public filings describe a strategic shift from a pure Bitcoin-mining business toward larger-scale data-center and digital-infrastructure operations, including references to high-performance computing and AI uses. The company continues to hold a substantial Bitcoin treasury while converting, restricting or pledging portions of that treasury in connection with financing and development activity.