Riot Platforms sold 20,264 bitcoin for $1.5 billion to fund data centers

What happened. On November 4, Riot Platforms published its third-quarter 2026 results. Over nine months, it sold 20,264 bitcoin for about $1.5 billion. Riot says the money went mainly to data center development. It also repaid in full and closed its $200 million Coinbase credit facility, which released all pledged bitcoin.

What is left. On September 30, Riot had $950.2 million in cash and bitcoin. That includes $748.2 million in cash and 2,418 BTC, worth about $202 million at the quarter-end price of $83,554. Bitcoin Magazine says Riot held 18,005 BTC at the start of the year. Riot raised no equity in 2026.

The biggest lease. Riot leased its whole Corsicana, Texas campus to an unnamed AI lab for 15 years. That is 910 MW of capacity for servers. The total contract value is about $28 billion, with average rent of about $1.8 billion a year. With its AMD contract and an earlier Rockdale lease, Riot now has 1,151 MW and about $38 billion of long-term contracted revenue.

How the deal works. Riot provides the land, power infrastructure and powered pads. The tenant installs and runs its own equipment and pays for power. Capital cost is about $6 million per megawatt, or $5.5 billion in total. Riot funds $2 million per megawatt, and the rest is reimbursed to the tenant in phases. Timing: 400 MW in September 2027, 200 MW in January 2028, 310 MW in July 2028.

What about mining. Riot mined 1,637 BTC in the third quarter. Mining revenue fell to $116 million from $160.8 million a year earlier, because the average bitcoin price was $70,855 versus $114,361. Cost to mine, before depreciation, was $39,265 per coin. Total revenue was $181.4 million, up 1% year on year.

What it means. Miners are increasingly selling bitcoin and investing in AI capacity. Riot sold more than it mined: 20,264 BTC sold against 4,697 mined in nine months. That is our count from the company's table.

What we don't know. Who the AI lab is: Riot does not name it. Whether Riot will sell its remaining bitcoin. Whether the campus is delivered on time.

Fatos confirmados

• In the first nine months of 2026, Riot Platforms sold 20,264 bitcoin for about $1.5 billion, mainly to fund data center development.^[1][2]
• Riot repaid in full and terminated its $200 million Coinbase credit facility, releasing all pledged bitcoin.^[1][2]
• On September 30, 2026, Riot had $950.2 million in cash and bitcoin, including $748.2 million in cash and 2,418 BTC (about $202 million at $83,554).^[1][2]
• Bitcoin Magazine says Riot held 18,005 BTC at the start of 2026.^[2]
• Riot signed a 15-year lease of its entire 910 MW Corsicana campus with an unnamed AI lab: about $28 billion over the term and about $1.8 billion in average annual rent.^[1][2]
• In total, Riot has leased 1,151 MW of capacity, about $38 billion of long-term contracted revenue.^[1]
• Corsicana delivery: 400 MW in September 2027, 200 MW in January 2028 and 310 MW in July 2028.^[1]
• In Q3, Riot mined 1,637 BTC; mining revenue was $116.0 million versus $160.8 million a year earlier, with an average BTC price of $70,855 versus $114,361.^[1][2]
• Q3 cost to mine one bitcoin, excluding depreciation, was $39,265.^[1]
• Total quarterly revenue was $181.4 million versus $180.2 million a year earlier.^[1]
• Riot mined 4,697 BTC in the first nine months of 2026.^[1]

Implicações

• ConfirmadoRiot turned most of its bitcoin holdings into cash for data centers.
• ConfirmadoThe company is betting on leasing capacity for AI, not only on mining.
• Nossa leituraIf other miners follow, there could be more BTC selling on the market. This is our view.

Ainda não se sabe

• Who the AI lab leasing Riot's campuses is
• Whether Riot will sell its remaining 2,418 BTC
• Whether the Corsicana capacity is delivered on schedule

Quem é afetado

United States, Global. Bitcoin holders, mining stock investors and anyone tracking demand for AI capacity

Fontes

1. Riot Platforms: Riot Platforms Reports Third Quarter 2026 Financial Results and Strategic Highlights 4 de novembro de 2026 · oficial
2. Bitcoin Magazine: Riot (RIOT) and Hut 8 (HUT) Sell Thousands of Bitcoin to Fund AI Ventures, Share Buybacks 4 de novembro de 2026 · mídia