Last month, Riot Platform reversed its long-term holding policy and sold 475 Bit. Meanwhile, Strategy today purchased BTC worth $180 million. This is known as Riot's first Bitcoin sale since January 2024.
MicroStrategy continues to maintain an aggressive accumulation policy. However, not all industry leaders are impressed. For example, tech entrepreneur Anton Golub warned of the risks of Strategy's BTC purchase, describing it as a Ponzi scheme.
Riot Sells Bitcoin...Strategy Buys
Riot Platform is one of the most prominent Bitcoin miners in the world. The company's typical strategy is to hold all tokens. In addition to mining a significant amount of Bitcoin, it has recently purchased assets several times.
However, today, Riot released a press release detailing the sale made in April:
"During April, we made a strategic decision to sell our monthly Bitcoin production to raise funds for continued growth and operations. We continuously evaluate the best funding sources considering various factors and prioritize a strong financial position," said Jason Les, Riot CEO.
He also announced that Riot is terminating its mining hosting operations that previously provided revenue. In a situation where mining revenue is precarious, the company decided to realign its goals.
Les claimed that Riot mined 463 Bitcoin in April. He mentioned that "two consecutive difficulty adjustments" hindered operations, so he had to utilize reserves.
If there is a company that continues to hold massive Bitcoin reserves, it is Strategy. The company has continuously made massive BTC purchases throughout 2025 and recently proposed new stock sales of up to $84 billion for these purchases.
Chairman Michael Saylor announced another purchase today, acquiring 1,895 BTC for $180.3 million.
However, this purchase was made at a risky time for the company. Strategy recently disclosed a net loss of $4.2 billion in the first quarter and may need to liquidate its Bitcoin holdings.
Tech entrepreneur Anton Golub, who has founded multiple companies, noted this risky situation:
"The biggest catastrophe for the crypto industry is Michael Saylor and his $84 billion Bitcoin purchase mania. Saylor is now proposing stocks that provide over 10% annual returns. But Strategy has no revenue. No sustainable revenue. So where does the revenue come from? New investors! It only works if Bitcoin rises forever. When this collapses, retail investors will be hurt."
Golub also mentioned that MicroStrategy is potentially using risky convertible bonds for these Bitcoin purchases. Essentially, the company is described as a pillar of market confidence in BTC.
However, Saylor is almost prohibited from selling. The crypto community carefully observes each purchase and worries about a halt. If he sells, it will impact the Bitcoin price.
Overall, Riot and Strategy's Bitcoin operations are somewhat concerning. A major BTC miner is abandoning its holding plans, and Riot is not the only company to sell Bitcoin in recent months.
Meanwhile, one of the most prominent whales may be in a risky situation. If Saylor is trading irresponsibly, his actions could inflate an isolated issue into a larger problem.
