The Daily: Riot Platforms sells mined bitcoin, Indonesia suspends World, Strategy buys more BTC and more

The following is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Monday! April didn’t just have Token2049 held in Dubai – it’s also the month of record-high mentions of “cryptocurrency” and “stablecoins” in Securities and Exchange Commission filings. Maybe that’s something to talk about at the next fireside chat?

In today’s newsletter, Riot Platforms sells bitcoin that it mined for the first time in over a year, Indonesia suspends Sam Altman’s World project, Strategy buys another 1,895 bitcoin for $180 million, and more. 

Meanwhile, VanEck is the first asset manager in the United States to file for a BNB exchange-traded fund, and House Democrats plan to walk out of a hearing over President Donald Trump’s crypto activities.

Let’s get started.

Riot Platforms sells mined bitcoin for first time since January 2024

Riot Platforms sold 475 BTC in April, marking its first major sale of mined bitcoin in over a year.

• The company earned around $38.8 million from selling 463 newly mined BTC and 12 BTC from reserves.
• Riot last conducted a significant bitcoin sale in January 2024.
• CEO Jason Les stated that selling bitcoin helps reduce reliance on equity fundraising and prevents stock dilution.
• As of May 5, 2025, Riot is one of the largest corporate bitcoin holders with 19,211 BTC in its possession.
• Riot’s average cost to mine one BTC jumped to $43,808 following the bitcoin halving in April 2024.
• In Q1 of 2025, however, Riot reported a $296.4 million net loss —despite making $161.4 million in revenue, which included a $71.5 million bitcoin mining boost.

Sam Altman’s World project suspended in Indonesia

Indonesia’s Ministry of Communication and Digital Affairs has suspended Worldcoin’s operations due to reports of suspicious activities involving its World ID system.

• Authorities found that one operator lacked proper registration and used another entity’s permit, which the ministry labeled a serious legal breach.
• Local partners PT. Terang Bulan Abadi and PT. Sandina Abadi Nusantara have been summoned for clarification on alleged regulatory violations.
• This suspension follows Worldcoin’s recent U.S. expansion announcement and ongoing global concerns over its data privacy practices.

Strategy buys 1,895 BTC for $180 million

Strategy, formerly called MicroStrategy, bought 1,895 more bitcoin for $180 million between April 28 and May 4.

• The purchase was financed from selling MSTR and STRK shares, with the MSTR sale completing Strategy’s $21 billion “21/21 Plan.“
• Strategy has launched a new “42/42 Plan” to raise $42 billion for future bitcoin purchases and continues issuing STRF preferred stock outside these plans.
• Strategy leads corporate bitcoin ownership with a total of 555,450 BTC now held, valued at $52.2 billion.

House Republicans release discussion draft of a bill to regulate the crypto industry at large

House Republicans have released a new draft bill aimed at regulating digital assets, building on previous legislative efforts to provide clearer rules for the industry.

• The draft, introduced by key GOP members from the Financial Services and Agriculture Committees, seeks to protect consumers and ensure long-term market stability.
• It outlines regulatory roles for the SEC and CFTC, similar to last year’s FIT21 Act, and would expand the CFTC’s authority over crypto spot markets like bitcoin.
• The bill also proposes clearer pathways for fundraising under SEC rules, a registration process for digital commodity trading, and new disclosure requirements for exchanges.

DeFi Development Corp to acquire SOL validator business for $3.5 million

DeFi Development Corp. is acquiring a Solana validator business funded through $3 million in restricted stock and $500,000 in cash.

• The acquired validator manages about 500,000 delegated SOL (worth $75.5 million), and will boost the firm’s SOL per share growth by increasing yields and cutting reliance on third-party validators.
• DeFi Development Corp. holds over 317,000 SOL as part of its broader Solana treasury strategy.

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© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.