Key Highlights
- Riot Platforms liquidated 3,778 BTC during Q1 2026, generating net proceeds of $289.5 million at an average selling price of $76,626 per bitcoin.
- Bitcoin production totaled 1,473 BTC in Q1, representing a 4% year-over-year decline, with holdings at 15,680 BTC by March 31.
- The miner’s deployed hash rate reached 42.5 EH/s, reflecting a 26% annual increase, while comprehensive power expenses decreased 21% to 3.0 cents per kWh.
- Power credits totaling $21 million were recorded in Q1, marking a 171% surge compared to the prior-year period.
- Wall Street analysts reduced price targets after Q4 2025 results, though most continue to recommend buying the stock.
Riot Platforms unloaded significantly more Bitcoin during the first quarter of 2026 than its mining operations generated, selling 3,778 BTC while producing only 1,473 coins. The liquidation, executed at an average rate of $76,626 per coin, yielded $289.5 million in net cash. At Friday’s reporting time, Bitcoin was changing hands near $66,867.
The miner’s Bitcoin treasury stood at 15,680 BTC at quarter close, representing an 18% reduction from the 19,223 coins held twelve months prior. This figure encompasses 5,802 in restricted Bitcoin. Blockchain tracking service Arkham additionally identified a distinct 500 BTC withdrawal from a wallet linked to Riot on Thursday.
Riot isn’t the only mining operation reducing Bitcoin reserves. MARA Holdings, Genius Group, and Nakamoto Holdings combined to sell 15,501 BTC over the past week, with MARA responsible for the majority. Rising energy expenses represent a critical factor. Market analyst Kadan Stadelmann identified the oil price surge connected to Middle East tensions — which intensified during February — as a significant contributor to elevated operating expenses.
“Miners are forced to sell off their Bitcoin in an attempt to cover their operational costs,” Stadelmann said.
Mining Capacity Expands While Expenses Decline
Notwithstanding the selling activity, Riot’s mining operations expanded throughout the period. Deployed computational power hit 42.5 exahashes per second by quarter’s end, representing a 26% increase from 33.7 EH/s in Q1 2025. The quarterly average operating hash rate measured 36.4 EH/s, marking a 23% year-over-year gain.
Operational efficiency metrics showed improvement, reaching 20.2 joules per terahash compared to 21.0 J/TH twelve months earlier. Comprehensive power expenditures registered at 3.0 cents per kilowatt-hour, a 21% reduction from the 3.8 cents recorded in Q1 2025.
The company secured $21 million in aggregate power credits throughout the quarter. This consists of $13.5 million from curtailment agreements and $7.5 million via ERCOT and MISO demand response initiatives — representing a 171% annual expansion.
Wall Street Reduces Forecasts Following Q4 Results
After reviewing Q4 2025 financial performance, multiple Wall Street firms adjusted their projections downward. Cantor Fitzgerald reduced its price objective to $29 from $31 while maintaining an Overweight designation. Needham lowered its target to $24 from $30, pointing to mining segment underperformance and elevated operating costs. H.C. Wainwright revised its forecast to $23 from $26 based on disappointing annual outcomes.
Citizens maintained its Market Outperform assessment with a $25 price target, emphasizing Riot’s Texas electricity infrastructure as a valuable strategic resource for potential leasing opportunities.
Stadelmann noted that less competitive mining operations are already shutting down, contributing to the Bitcoin network’s total hashrate declining from 1,160 EH/s to approximately 990 EH/s since early March. Network mining difficulty similarly decreased on March 20 from 145 trillion to 133 trillion.
Riot additionally commenced AMD lease revenue generation in January as component of its HPC/AI data center diversification strategy.
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