Riot Platforms sells most of its bitcoin holdings to fund AI data‑center expansion
Riot Platforms sold 10,599 BTC for about $751.5 million in the third quarter, cutting its bitcoin balance to 2,418 BTC, a 79% decline from the start of the year. The proceeds are being used to finance a 15‑year, $28 billion lease for 910 MW of AI data‑center capacity, raising its total contracted data‑center revenue to roughly $38 billion. The company reported Q3 revenue of $181.4 million, up 1% YoY, and net income of about $4 million. Hut 8 also sold bitcoin worth $250.2 million, but its shares fell sharply after the results.
Why it matters
Riot’s shares jumped roughly 12%‑15% on the news, reflecting investor support for the shift to AI infrastructure; Hut 8’s shares dropped more than 20% as the market viewed its bitcoin sales less favorably. The sales reduce Riot’s exposure to bitcoin price risk while providing capital for higher‑margin data‑center operations.
Key facts
- 1Riot sold 10,599 BTC for approximately $751.5 million in Q3. news.bitcoin.com
- 2Riot’s bitcoin holdings fell to 2,418 BTC, a 79% reduction from 11,380 BTC at the start of the year. hokanews.com
- 3Riot reported Q3 revenue of $181.4 million, up 1% from $180.2 million a year earlier. news.bitcoin.com
- 4Riot posted net income of about $4 million, down from $104.5 million a year earlier. news.bitcoin.com
- 5Riot signed a 15‑year lease valued at $28 billion for 910 MW of AI data‑center capacity. hokanews.com
- 6The lease brings Riot’s total contracted data‑center revenue to approximately $38 billion. hokanews.com
Summary written by AlphAI AI Desk from 3 of 3 sources. Not investment advice. Figures are as stated by the linked sources.