Riot wallet outflow adds to selling wave among listed Bitcoin miners

Arkham flagged a 500 Bitcoin outflow from a wallet it attributes to Riot Platforms on Wednesday, in a possible sale the company had not publicly commented on by publication time.

The Bitcoin (BTC) wallet outflow sale comes shortly after Riot posted record 2025 revenue of around $647 million, driven by an increase in Bitcoin mining revenue, and amid other recent Bitcoin disposals by large listed miners.

Last week, MARA Holdings disclosed that it sold about $1.1 billion worth of Bitcoin in March to repurchase convertible debt at a discount, reflecting similar moves by other public miners that 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.

The pattern is not uniform. Bitcoin treasury companies, including Metaplanet, are still aggressively adding to their holdings. Nakamoto, meanwhile, disclosed in a recent filing that it sold about 284 Bitcoin for $20 million in March.

On the other hand, onchain tracker Lookonchain, citing Arkham data, reported that wallets it links to Empery Digital, one of the largest listed BTC treasuries, transferred out what it described as “the remaining 1,795 BTC” (about $122.5 million) to Gemini after a series of smaller BTC sales throughout March.

Delisting risk grows for miners

Listing pressures are also in focus for some mining-linked stocks. Cango, which has built out its Bitcoin mining operations, announced Wednesday it received a notice from the New York Stock Exchange after its shares traded below $1 for 30 consecutive trading days, triggering a six-month period to regain compliance with continued-listing standards.

On the same day, 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, 4.6% higher, but was trading at $0.41, 3.59% lower, in premarket Thursday, according to data from Yahoo! Finance, well below NYSE requirements.

Cango share price. Source: Yahoo! Finance.

Juliet Ye, head of investor relations and communications at Cango, told Cointelegraph that the company would maintain its strategic roadmap despite the notice, and that it had been “proactively implementing cost optimization and efficiency enhancement measures over the past several months,” including divesting obsolete capacity and migrating to lower electricity cost regions.

She added that the recent completion of the two financing transactions, alongside “the adjustment of our treasury strategy,” served as concrete examples of measures to help address both the listing requirements and current market conditions.

In January, crypto mining hardware maker Canaan Inc. disclosed a similar minimum-bid deficiency notice from Nasdaq after its American depositary shares stayed under the $1 threshold for 30 straight sessions, and it likewise had 180 days to cure the issue.

Despite share price pressure, Canaan has continued expanding operations. The company’s Bitcoin reserves increased in Q1 2026, despite many peers offloading their holdings. Earlier in March, it also acquired a 49% stake in two Texas-based mining sites, part of its broader strategy to diversify geographically and strengthen US market exposure.

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