Blockchain analytics firm Arkham flagged a 500 Bitcoin outflow on Wednesday from a wallet it attributes to Riot Platforms, suggesting a possible sale by the mining company. Riot had not publicly commented on the transaction by the time of publication. The move follows the company’s announcement of record 2025 revenue of approximately $647 million, largely driven by growth in Bitcoin mining income.
The reported outflow is part of a broader trend among publicly listed miners reducing their Bitcoin holdings. MARA Holdings disclosed last week that it sold roughly $1.1 billion worth of Bitcoin during March, using the proceeds to repurchase convertible debt at a discount. Collectively, large public miners have sold more than 15,000 BTC in recent months as they navigate rising operational costs and an increasingly volatile price environment.
Not all major holders are reducing their exposure. Bitcoin treasury companies such as Metaplanet continue to aggressively accumulate the asset. Nakamoto, however, disclosed in a recent filing that it sold approximately 284 Bitcoin for $20 million in March. Separately, onchain tracker Lookonchain, citing Arkham data, reported that wallets linked to Empery Digital, one of the largest listed Bitcoin treasury companies, transferred what it described as the remaining 1,795 BTC — worth around $122.5 million — to Gemini, following a series of smaller sales throughout March.
Listing compliance has emerged as an additional pressure point for some mining-related stocks. Cango, which has expanded significantly into Bitcoin mining, announced Wednesday that it received a notice from the New York Stock Exchange after its shares traded below $1 for 30 consecutive trading days. The notice triggers a six-month window for the company to regain compliance with continued-listing standards. On the same day, Cango also announced a $65 million capital raising transaction and a $10 million convertible note financing.
Cango’s share price rose on the dual announcement, closing Wednesday at $0.42, a gain of 4.6%. However, the stock slipped to $0.41 in premarket trading Thursday, a decline of 3.59%, according to data from Yahoo! Finance, leaving it well below NYSE requirements. Juliet Ye, head of investor relations and communications at Cango, told Cointelegraph that the company would maintain its strategic roadmap despite the notice. She said the firm had been implementing cost optimization measures for several months, including divesting obsolete capacity and relocating operations to regions with lower electricity costs.
Ye added that the completion of the two financing transactions, combined with adjustments to the company’s treasury strategy, represented concrete steps toward addressing both listing requirements and current market conditions. The situation echoes a similar case from January, when crypto mining hardware manufacturer Canaan Inc. disclosed a minimum-bid deficiency notice from Nasdaq after its American depositary shares remained below $1 for 30 consecutive sessions. Canaan also has 180 days to resolve the issue.
Despite the share price pressure it faces, Canaan has continued to expand its operations. The company’s Bitcoin reserves grew during the first quarter of 2026, even as many peers reduced their holdings. Earlier in March, Canaan acquired a 49% stake in two Texas-based mining sites as part of a broader strategy to diversify geographically and increase its exposure to the US market.
Originally reported by CoinTelegraph.
