Riot Platforms moved 486 Bitcoin, worth about $29 million, into NYDIG Custody on Tuesday, according to Arkham Intel data.

The latest transfer follows a series of similar transactions in recent weeks. On-chain data shows the wallet still holds more than 5,500 Bitcoin, worth about $323 million at current market prices.

Riot Platforms sold 3,778 Bitcoin in the first quarter, reducing its holdings to 15,680 Bitcoin as part of its strategy of funding operations through periodic crypto sales. The company also sold 1,818 Bitcoin last December.

Riot is not alone in tapping its Bitcoin treasury for funding. Rival MARA Holdings sold about $1.1 billion worth of Bitcoin in March and has said it expects to continue monetizing its holdings in 2026 as part of its capital allocation and liquidity strategy.

Both companies are expanding into AI and high-performance computing infrastructure while maintaining their Bitcoin mining operations.

AI’s growing appetite for electricity is creating a new opportunity for Bitcoin miners, whose existing power infrastructure is becoming increasingly valuable as AI developers race to secure grid-connected capacity.

Companies including Core Scientific, Hut 8, TeraWulf and Iren have secured major AI and high-performance computing contracts, though converting mining facilities into AI-ready campuses demands costly infrastructure upgrades and leaves miners increasingly dependent on long-term AI demand.