Riot Platforms sells 20,264 Bitcoin to fund $38B data centre contracts

Riot Platforms sold 20,264 Bitcoin in the first nine months of 2026, raising approximately $1.5 billion to fund data-centre construction, according to the company’s third-quarter earnings release issued on November 4.

The proceeds from the Bitcoin sales were primarily directed toward infrastructure development. Riot simultaneously announced a 15-year powered-land lease for its Corsicana campus, covering 910 critical IT megawatts. This lease represents approximately $28 billion in contractual value over the initial term.

Revenue Shifts in Third Quarter

Riot recorded total revenue of $181.4 million for the third quarter, a figure barely above the comparable period in the prior year. Bitcoin mining contributed $116 million to this total, down from $160.8 million in the same quarter of the previous year. The company attributed the decline in mining revenue to a lower average realized Bitcoin price during the period, despite an increase in production.

Bitcoin production rose to 1,637 BTC in the third quarter, up from 1,406 BTC in the prior year. While mining revenue decreased, other revenue streams expanded. Engineering revenue increased to $47 million, and data-centre revenue reached $18.4 million. These line items reflect the company’s transition from pure mining operations to contracted data-centre services, although the long-term lease figures differ from immediate cash earnings.

Contracted Capacity and Treasury Position

Riot stated that it has leased a total of 1,151 MW of critical IT capacity, with long-term contracted revenue totaling roughly $38 billion. The company noted that these contract values depend on delivery milestones, counterparties, and specific agreement terms over several years of operations.

At the end of September, Riot held $950.2 million in cash and Bitcoin, including 2,418 BTC. The company reported that it did not raise any equity during 2026. Mining economics remained a factor in the company’s costs, with an average cost to mine Bitcoin of $39,265 excluding depreciation. This figure was influenced by power-curtailment credits, which can vary based on energy arrangements and pricing.