Key Highlights
- Riot Platforms liquidated 3,778 BTC during Q1 2026, generating $289.5 million at an average sale price of $76,626 per Bitcoin.
- Mining output reached 1,473 BTC in Q1, reflecting a 4% year-over-year decline, with holdings totaling 15,680 BTC by March 31.
- Hash rate deployment expanded to 42.5 EH/s, marking a 26% annual increase, while comprehensive power expenses decreased 21% to 3.0 cents per kWh.
- Power credit revenues totaled $21 million in Q1, representing a 171% surge compared to the prior year period.
- Wall Street analysts have adjusted price targets downward after Q4 2025 results, though buy-equivalent ratings remain prevalent.
Riot Platforms liquidated significantly more [[LINK_START_1]]Bitcoin[[LINK_END_1]] than it mined during the first quarter of 2026, selling 3,778 BTC while producing only 1,473 coins. The liquidation, averaging $76,626 per coin, generated net proceeds of $289.5 million. At the time of Friday’s disclosure, Bitcoin was valued at approximately $66,867.
The mining firm’s Bitcoin treasury stood at 15,680 BTC at quarter’s end, representing an 18% decline from the 19,223 coins held during the same period last year. This figure encompasses 5,802 restricted coins. Additionally, blockchain analytics firm Arkham detected a separate 500 BTC transfer from a wallet linked to Riot’s operations on Thursday.
The selling trend extends beyond Riot. MARA Holdings, Genius Group, and Nakamoto Holdings combined to offload 15,501 BTC over the past week, with MARA responsible for the majority. Energy expenditures remain a critical pressure point. Industry analyst Kadan Stadelmann identified the oil price surge connected to Middle East tensions — which intensified in February — as a primary catalyst driving operational expenses upward.
“Miners are forced to sell off their Bitcoin in an attempt to cover their operational costs,” Stadelmann said.
Infrastructure Expansion Amid Cost Reductions
Notwithstanding liquidation pressures, Riot’s mining capacity continued expanding. Deployed hash rate achieved 42.5 exahashes per second by quarter’s end, representing a 26% increase from the 33.7 EH/s recorded in Q1 2025. The quarterly average operational hash rate registered 36.4 EH/s, up 23% annually.
Equipment efficiency metrics improved to 20.2 joules per terahash, compared to 21.0 J/TH in the year-ago period. Comprehensive power costs declined to 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 consisted of $13.5 million from curtailment arrangements and $7.5 million through ERCOT and MISO demand response initiatives — reflecting a 171% annual growth rate.
Wall Street Revises Expectations
Following the Q4 2025 earnings release, multiple analysts adjusted their price projections downward. Cantor Fitzgerald reduced its target to $29 from $31 while maintaining an Overweight stance. Needham lowered its objective to $24 from $30, pointing to mining segment underperformance and elevated operating costs. H.C. Wainwright adjusted to $23 from $26 based on disappointing full-year performance.
Citizens maintained its Market Outperform designation with a $25 price target, emphasizing Riot’s Texas power infrastructure as a valuable strategic resource for potential future leasing opportunities.
Stadelmann noted that marginal mining operations are already shutting down, contributing to the Bitcoin network’s hashrate contraction from 1,160 EH/s to approximately 990 EH/s since early March. Network difficulty similarly decreased on March 20, falling from 145 trillion to 133 trillion.
Riot additionally commenced AMD lease monetization activities in January as component of its HPC/AI data center diversification strategy.
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