Bitcoin miner Riot Platforms sold a sizeable portion of its holdings in the first quarter, offloading 3,778 BTC as crypto firms navigated a tough market environment.

According to its Thursday operational update, the company sold the Bitcoin at an average price of $76,626, generating about $289.5 million in proceeds. At the time of writing on April 3, Bitcoin was trading near $66,867, placing those sales above current levels.

Riot mined 1,473 BTC in the quarter and held 15,680 BTC at the end of Q1. Data from Arkham Intelligence also showed a 500 BTC outflow from a wallet linked to the miner earlier in the week.

Riot’s latest sale adds to a growing list of crypto firms that have shed Bitcoin holdings in recent months. Over the past week, companies including MARA Holdings, Genius Group, and Nakamoto Holdings disclosed combined sales of 15,501 BTC.

Bitcoin advocates continue buying

Selling pressure has been building across the market. Data from CryptoQuant showed Bitcoin’s apparent demand falling to negative 63,000 BTC by late March, indicating that distribution has outweighed accumulation in recent weeks.

Institutional buying, however, has not fully stepped back. Strategy purchased 44,377 BTC in March, accounting for 94% of all acquisitions by public companies during the month.

In Japan, Metaplanet added 5,075 BTC for about $398 million in Q1, bringing its total holdings to 40,177 BTC.

Ongoing tensions in the Middle East have kept risk appetite in check, weighing on both traditional and digital assets. Bitcoin continues to trade under pressure in that environment, with prices sitting more than 46% below their all-time high as of April 3.