Riot Platforms, one of the largest publicly traded Bitcoin mining companies, sold 10,599 BTC during the third quarter of 2026, reducing its cryptocurrency holdings by nearly 79% as it redirected capital toward artificial intelligence infrastructure.
According to financial results released November 4, Riot’s Bitcoin reserves declined from 11,380 BTC on June 30 to 2,418 BTC on September 30. The remaining holdings were valued at approximately $202 million, based on Bitcoin’s quarter-end price of $83,554.
During the first nine months of 2026, Riot sold 20,264 BTC for approximately $1.5 billion, primarily to finance data-center development. The company also used proceeds to repay its $200 million Coinbase credit facility, releasing Bitcoin previously pledged as collateral.
The disclosures reflect a significant change in Riot’s capital allocation strategy as demand for AI computing infrastructure creates alternative opportunities for mining operators.
Bitcoin Sales Accelerate as Mining Revenue Declines
Riot reported third-quarter revenue of $181.4 million, up approximately 1% from $180.2 million during the corresponding period in 2025. However, net income declined sharply to approximately $4 million, compared with $104.5 million a year earlier.
Bitcoin mining generated $116 million in revenue, down from $160.8 million in the previous year’s quarter. The decline reflected lower average Bitcoin prices, partially offset by increased production. Riot mined 1,637 BTC during the quarter, compared with 1,406 BTC a year earlier.
Its average direct mining cost, excluding depreciation, was $39,265 per Bitcoin, compared with $46,324 in the prior-year period. The company benefited from approximately $24.7 million in power curtailment credits, reducing its effective electricity costs. Nevertheless, depreciation and other operating expenses continued to affect mining profitability.
Riot’s management indicated that Bitcoin holdings would remain an important funding source for infrastructure development. The company expects to continue selling substantially all newly mined Bitcoin rather than rebuilding its previous cryptocurrency reserves.
$28 Billion AI Lease Accelerates Data-Center Transition
Alongside its financial results, Riot announced a 15-year agreement with an unnamed artificial intelligence company for 910 megawatts of critical IT capacity at its Corsicana, Texas, campus. The agreement is expected to generate approximately $28 billion in revenue over its initial term.
Two optional five-year extensions could increase potential contract revenue to approximately $54 billion. The tenant will provide and operate its computing equipment, while Riot supplies powered infrastructure. Rent is payable on the contracted capacity regardless of actual utilization, according to the company.
Riot also confirmed that Advanced Micro Devices exercised an option for an additional 25 megawatts of capacity, with delivery scheduled for May 2027. The company now has approximately 1,151 megawatts of contracted data-center capacity, representing around $38 billion in expected long-term contract revenue.
Those figures describe revenue commitments over multiple years rather than immediate income or guaranteed profits. At September 30, Riot reported approximately $950 million in liquidity, comprising $748 million in cash and $202 million in Bitcoin. The shift illustrates how mining companies are increasingly evaluating the commercial value of their electricity access, land and computing infrastructure beyond cryptocurrency production.
For Riot, Bitcoin sales provide capital to develop those facilities while reducing exposure to fluctuations in cryptocurrency prices. However, the transition also introduces construction, financing and customer concentration risks. The company’s future performance will depend increasingly on delivering contracted data-center capacity and converting long-term agreements into sustainable operating cash flow.
