Miners Be Like: 'When Moon? Dump Now' — Riot Joins the BTC Selling Spree While Some Keep Stacking

Arkham data flagged a 500 BTC outflow from a wallet it attributes to Riot Platforms on Wednesday, worth roughly $34 million. The sale had not been publicly commented on by publication time.

The outflow comes shortly after Riot posted record 2025 revenue of around $647 million, driven by increased Bitcoin mining revenue. It's the latest in a string of Bitcoin disposals by large listed miners. Nothing says "we made bank" quite like turning that sweet sweet BTC into fiat faster than you can say "HODL forever."

Last week, MARA Holdings disclosed selling about $1.1 billion worth of Bitcoin in March to repurchase convertible debt at a discount. Public miners have collectively sold over 15,000 BTC in recent months as they balance operational needs and investment plans against a more volatile price and cost backdrop. At this point, the only thing mining more Bitcoin than these companies is their selling desks mining volume.

Not everyone's panic-selling, though. Bitcoin treasury company Metaplanet continues aggressively adding to its holdings. Meanwhile, Nakamoto disclosed selling about 284 Bitcoin for $20 million in March. Some CEOs are reading the room, others are reading the whitepaper—different vibes, different outcomes.

Onchain tracker Lookonchain, citing Arkham data, also reported that wallets linked to Empery Digital transferred out "the remaining 1,795 BTC" (about $122.5 million) to Gemini after a series of smaller BTC sales throughout March. That's not a fire sale, that's a fire auction with a bullhorn.

Delisting risk grows for some

Listing pressures are hitting some mining-linked stocks. Cango, which has built out Bitcoin mining operations, announced Wednesday it received a notice from the NYSE after its shares traded below $1 for 30 consecutive trading days. The company has six months to regain compliance with continued-listing standards. Nothing says "diamond hands" like holding onto a listing that's about to slip through your fingers.

Cango also announced a new $65 million capital raising transaction and $10 million convertible note financing. Its share price rose on the news, closing the day at $0.42, up 4.6%, but was trading at $0.41, down 3.59%, in premarket Thursday—well below NYSE requirements. Green days are green days, even if they're tiny green days that barely register on the chart.

Juliet Ye, head of investor relations and communications at Cango, told Cointelegraph the company would