Last month, Riot Platforms sold 475 Bitcoin in a reversal of its long-term hodling policy, while Strategy acquired BTC worth $180 million today. This was reportedly Riot’s first Bitcoin sell since January 2024.

While MicroStrategy continues to stick to its aggressive accumulation policy, not all industry leaders are impressed. For instance, tech founder and entrepreneur Anton Golub warned about the dangers of Strategy’s BTC acquisition, describing it as a Ponzi scheme.

Riot Sells Bitcoin While Strategy Keeps Buying

Riot Platforms is one of the most prominent Bitcoin miners in the world, and its typical strategy is to hodl all its tokens. In addition to mining a substantial quantity of Bitcoin, it has also purchased the asset on several recent occasions.

Today, however, Riot publicized a press release detailing the sales it made in April:

“During the month of April, we made the strategic decision to sell our monthly production of bitcoin to fund ongoing growth and operations. We continuously evaluate the best funding sources considering a multitude of factors and prioritizing a strong balance sheet,” said Jason Les, CEO of Riot.

He also stated that Riot is ending its mining hosting operations, which previously provided income. With mining revenues in jeopardy, the firm is deciding to reorient its goals, at least temporarily.

Les claimed that Riot mined 463 Bitcoin in April, so it had to tap into reserves, mentioning “two successive difficulty adjustments” disrupting operations.

If there’s one company continuing to hold huge Bitcoin reserves, it’s Strategy. The firm has consistently made huge BTC purchases throughout 2025 and recently offered up to $84 billion in fresh stock sales to fund these purchases.

Its Chair, Michael Saylor, announced another purchase today, buying 1,895 BTC for $180.3 million.

However, this purchase took place at a precarious moment for the company. Strategy recently disclosed a $4.2 billion net loss in Q1, and it may need to liquidate its Bitcoin holdings.

Anton Golub, tech entrepreneur and founder of several firms including Freedx, called attention to this precarious situation:

“[The] biggest catastrophe for the crypto industry is Michael Saylor and his $84 billion Bitcoin buying madness. Saylor is now offering shares that pay 10%+ annual yield. But Strategy has no profits. No sustainable revenue. So where does yield come from? New investors! It only works if Bitcoin keeps pumping forever. When this collapses, retail gets destroyed,” he said.

Golub also noted that MicroStrategy is using potentially risky convertible bonds to fund these Bitcoin purchases. Essentially, the firm is typically depicted as a pillar of market confidence in BTC.

However, Saylor is more or less forbidden from selling. The crypto community carefully watches each purchase and frets over pauses; if he sold, it would surely impact Bitcoin’s price.

Put together, Riot and Strategy’s Bitcoin operations seem a little worrying. A major BTC miner is abandoning its hodling plan, and it’s not the only company to do so in recent months.

Meanwhile, one of the most prominent whales could be walking onto thin ice. If Saylor is trading irresponsibly, his actions could help inflate an isolated issue into a much bigger problem.