On Wednesday Arkham flagged a 500 BTC outflow from a wallet it attributes to Riot Platforms — roughly $34 million at prevailing prices — a transfer the company had not publicly addressed at the time of reporting. The move follows Riot’s disclosure of record 2025 revenue of about $647 million, driven in large part by higher Bitcoin mining income.
The transfer comes amid wider disposals by listed miners balancing operational needs, financing plans and a volatile price environment. Last week MARA Holdings said it sold about $1.1 billion of Bitcoin in March to repurchase convertible debt at a discount. Public miners have collectively offloaded more than 15,000 BTC in recent months as they manage cash, costs and investment priorities.
The sector’s treasury activity is mixed. Some firms continue to accumulate: Metaplanet and a handful of others have been adding to exposures. By contrast, Nakamoto disclosed selling roughly 284 BTC for about $20 million in March. Onchain tracker Lookonchain, using Arkham data, reported wallets linked to Empery Digital moved what it described as the remaining 1,795 BTC to Gemini after a series of smaller sales through March.
Corporate stress has also raised listing risks for some mining-related stocks. Cango, which has expanded its Bitcoin mining operations, received a notice from the New York Stock Exchange after its shares traded below $1 for 30 consecutive trading days, triggering a six-month window to regain compliance with continued-listing standards. The company announced a $65 million strategic investment and $10 million in convertible note financing the same day; the stock rose modestly on the news, closing at $0.42, but remains well under the NYSE threshold.
Juliet Ye, Cango’s head of investor relations and communications, said the company will stick to its strategic roadmap while implementing cost-optimization measures, divesting obsolete capacity and shifting more operations to lower-cost electricity regions. She described the recent financings and an adjusted treasury strategy as concrete steps to address listing requirements and current market conditions.
Earlier this year crypto-mining hardware maker Canaan Inc. received a similar Nasdaq notice after its American depositary shares remained under $1 for 30 straight sessions, giving it 180 days to cure the deficiency. Despite share-price pressure, Canaan expanded operations: its Bitcoin reserves rose in Q1 2026 and in March it bought a 49% stake in two Texas mining sites to diversify geographically and strengthen U.S. exposure.
Related data show Bitcoin mining difficulty has fallen about 7.7%, a sign of ongoing miner pressure. Analysts say sales, purchases and strategic financings reflect varied corporate strategies as miners react to a tougher cost and price backdrop.
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