Riot Platforms has just sold ~99 BTC worth $9.29M

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Publicly traded Bitcoin mining company, Riot Platforms, has just initiated a transfer of ~99 BTC worth $9.29M over two transactions to NYDIG, an institutional custody and trading platform. These transactions likely mark the beginning of several more transactions to sell off some or all of their mined Bitcoin for profit. 

Moving mined assets to an institutional platform is a standard procedure for mining companies looking to manage their cash flow. This allows them to cover significant operational expenses, such as massive energy costs and hardware upgrades, by converting their Bitcoin into fiat currency. The use of a specialized service like NYDIG facilitates these large-scale sales.

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In April, they had announced a sale of 475 BTC, worth $38.8M then, consisting of 463 BTC mined in April and 12 BTC from their reserves. These were also sent to NYDIG in a series of transactions similar to the ones seen today. Nevertheless, Riot Platforms still holds 6,598 BTC worth $622.9M on their publicly identified wallets as part of their Bitcoin treasury strategy.

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This behavior highlights the dual approach many public miners are taking. While they must sell Bitcoin to fund their ongoing operations and secure profits, they also maintain a large "treasury" holding. This strategy indicates a long-term bullish outlook on the asset, balancing immediate financial needs with the goal of long-term value appreciation from their core holdings.