Riot Platforms has sold mined bitcoins for the first time in 15 months.

According to the information provided by Riot, all 463 BTC mined in April were sold, along with an additional 12 BTC from reserves. The company received $38.8 million for the assets and allocated the funds for infrastructure development and operational expenses.

According to Riot’s CEO Jason Les (Jason Les), the sale helped reduce the company’s need to raise additional capital through the issuance of shares and minimize losses for shareholders.

“We will continue to monitor market conditions and utilize all available tools for the most sustainable financing of the business, remaining committed to a long-term strategy of holding bitcoins, reflecting our strong belief in the future potential of the asset,” explained Les.

It should be noted that several months ago the company opened a credit line for $100 million secured by its bitcoins through the Coinbase exchange. As of the end of the month, Riot still has 19,211 BTC on its balance sheet. Last week, the company reported a quarterly loss of $300 million.

Earlier, CoinShares experts stated that Bitcoin mining, once considered a “gold mine” for enthusiasts and crypto companies, has gradually turned into a financial trap. The mining market has faced unprecedented challenges, and the viability of most small market participants has come into question.