⛏️ Riot is selling Bitcoin to fund a major expansion into AI data centers.
In its November 4 earnings report, Riot revealed just how much its business is changing.
During the first nine months of 2026, the company sold 20,264 BTC for approximately $1.5 billion, primarily to finance data-center development.
Its Bitcoin holdings fell from 11,380 BTC on June 30 to 2,418 BTC on September 30, a decline of nearly 79%.
And the infrastructure deals are substantial.
Riot signed a 15-year lease for 910 MW of critical IT capacity, with an initial contract value of approximately $28 billion.
That brings its total contracted data-center capacity to 1,151 MW, representing approximately $38 billion in long-term contracted revenue.
Meanwhile, Q3 Bitcoin mining revenue fell from $160.8 million a year earlier to $116 million.
The bigger story is Riot's changing business model: Bitcoin sales are helping finance infrastructure intended to generate revenue beyond mining.
But there's an important distinction. Those multiyear contract values are not cash already earned. Riot still needs to deliver the infrastructure and generate the contracted revenue.
In its November 4 earnings report, Riot revealed just how much its business is changing.
During the first nine months of 2026, the company sold 20,264 BTC for approximately $1.5 billion, primarily to finance data-center development.
Its Bitcoin holdings fell from 11,380 BTC on June 30 to 2,418 BTC on September 30, a decline of nearly 79%.
And the infrastructure deals are substantial.
Riot signed a 15-year lease for 910 MW of critical IT capacity, with an initial contract value of approximately $28 billion.
That brings its total contracted data-center capacity to 1,151 MW, representing approximately $38 billion in long-term contracted revenue.
Meanwhile, Q3 Bitcoin mining revenue fell from $160.8 million a year earlier to $116 million.
The bigger story is Riot's changing business model: Bitcoin sales are helping finance infrastructure intended to generate revenue beyond mining.
But there's an important distinction. Those multiyear contract values are not cash already earned. Riot still needs to deliver the infrastructure and generate the contracted revenue.
