WuBlockchain
Riot Platforms sold 10,599 BTC in the third quarter, cutting its Bitcoin holdings from 11,380 at the end of June to 2,418 at the end of September, a decline of nearly 79%. The company said Bitcoin sales primarily fund data center construction.
Why it matters
Riot sold 20,264 BTC for approximately $1.5 billion in the first nine months of the year. The shift from holding mined Bitcoin to selling it reflects the scale of capital required for the company’s data center plans.
Riot signed a 15-year lease with an unnamed leading AI lab for 910 MW of IT capacity. The initial contract value is approximately $28 billion, and Riot says total contracted data center capacity now stands at 1,151 MW, with about $38 billion in long-term contract revenue.
Market impact
Riot reported third-quarter revenue of $181 million, up 1% year over year, and net income of $4.03 million, compared with $104 million a year earlier. Bitcoin mining revenue fell about 28% year over year to $116 million.
The results show Riot pursuing a significant expansion into AI data centers while its mining revenue and BTC holdings decline. Investors will be watching how the company converts its contracted capacity into operations and revenue.
Frequently asked questions
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How much Bitcoin did Riot hold at the end of Q3?
Riot held 2,418 BTC at the end of September, down from 11,380 BTC at the end of June.
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What is Riot using Bitcoin sale proceeds to fund?
Riot said its Bitcoin sales primarily fund data center construction.
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What are the terms of Riot's AI data center lease?
The 15-year lease with an unnamed leading AI lab covers 910 MW of IT capacity and has an initial contract value of approximately $28 billion.
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How much data center capacity has Riot contracted in total?
Riot says it has contracted 1,151 MW of data center capacity, with about $38 billion in long-term contract revenue.
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How did Riot's mining revenue compare with a year earlier?
Third-quarter Bitcoin mining revenue was $116 million, down about 28% year over year.
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