Update
Bitcoin Mining Companies Sell Bitcoin to Fund Expansion and Share Repurchases
Bitcoin mining companies Riot Platforms and Hut 8 disclosed substantial bitcoin sales in their third-quarter earnings reports. Riot Platforms sold 10,599 BTC for approximately $751.5 million to finance its data center expansion, accounting for more than half of the 20,264 BTC sold so far this year. Hut 8 sold approximately 954 BTC for $74.8 million during the third quarter to fund share repurchases. The combined sales underscore differing strategies for deploying cryptocurrency reserves, with Riot directing proceeds toward infrastructure development and Hut 8 using bitcoin holdings to return capital to shareholders.