Last month, Riot Platforms decided to sell 475 Bitcoin, deviating from its usual strategy of holding onto the cryptocurrency long-term. On the other hand, Strategy made a significant acquisition of BTC valued at $180 million today. This marks Riot's first Bitcoin sell-off since January 2024.

While MicroStrategy remains steadfast in its approach of aggressive accumulation, some industry insiders are expressing skepticism. Tech entrepreneur Anton Golub, for instance, has raised concerns about Strategy's BTC purchase, likening it to a Ponzi scheme.

Riot Platforms, a leading Bitcoin miner globally, typically held onto all its tokens as part of its strategy. However, the company recently announced the sale of its Bitcoin production in April to support growth and operations. The decision was influenced by disruptions in mining operations due to difficulty adjustments, which affected revenue.

On the other hand, Strategy continues its trend of acquiring significant amounts of Bitcoin in 2025. The company recently made a purchase of 1,895 BTC for $180.3 million. Despite its consistent buying behavior, Strategy reported a substantial net loss in Q1, leading to concerns about potential liquidation of its Bitcoin holdings.

Anton Golub criticized Strategy's approach, highlighting the risk associated with using convertible bonds to fund Bitcoin purchases. He expressed worry over the sustainability of Strategy's strategy, pointing out the reliance on new investors and Bitcoin's perpetual growth for success.

Overall, Riot and Strategy's Bitcoin activities are raising concerns in the industry. Riot's shift from hodling and Strategy's large-scale BTC acquisitions are drawing attention for their potential risks and implications on the market.