Riot Platforms Inc., a major US-based Bitcoin mining company, has made a significant move by selling 79% of its Bitcoin reserves during the third quarter of 2026. The sale reduced Riot’s holdings from 11,380 BTC to 2,418 BTC, as the company redirected approximately $1.5 billion in proceeds to invest in artificial intelligence infrastructure.
Strategic shift to high-performance computing
Throughout the first nine months of 2026, Riot sold a total of 20,264 BTC on the open market, raising around $1.5 billion. The capital is being used to finance a major transition: Riot is adapting its surplus energy capacity for high-performance computing, targeting the growing demand from artificial intelligence service providers.
Riot’s shares responded sharply to these developments, surging to $16.20 at the market open before settling in the $15.45 to $15.50 range amid increased trading volumes. This reflects investor attention to the company’s pivot away from its traditional focus.
Landmark lease agreement in Texas
A key driver behind the Bitcoin sales was Riot’s landmark 15-year agreement to lease power and facilities totaling 910 megawatts at its Corsicana campus in Texas to Frontier AI Lab, operated by artificial intelligence company Anthropic. The contract’s initial value is pegged at $28 billion, with annual rental payments starting at approximately $1.8 billion.
Incorporating additional projects, Riot’s long-term data center revenue now totals $38 billion, while managed power capacity stands at 1,151 MW. The Texas deal marks a significant expansion into tech infrastructure services beyond cryptocurrency mining.
Riot CEO Jason Les described the agreement as a triple-net lease, under which the client handles procurement and maintenance of computing equipment. According to Les, this approach cuts construction costs roughly in half compared to standard Tier 3 data centers and enables Riot to avoid new share issuances, thereby protecting existing investor interests.
Riot CEO Jason Les explained that with the client purchasing and servicing all computing hardware, Riot’s own construction expenses will be reduced by about 50% compared to conventional Tier 3 data centers. He stated that this structure eliminates the need for new equity issuance, preserving shareholder value.
Mini dictionary: Anthropic is an artificial intelligence company focused on advancing reliable and interpretable AI systems, best known for developing language models and AI research platforms.
Mining profits slip as data center revenues rise
Riot’s pivot comes as margins from traditional crypto mining shrink. In the third quarter of 2026, the company’s revenue from mining operations fell by 28% to $116 million, even though it mined 1,637 BTC during the period.
| Metric | Q3 2026 | Change/Notes |
|---|---|---|
| Bitcoin mined | 1,637 BTC | – |
| Bitcoin sold (first 9 months) | 20,264 BTC | – |
| Mining revenue | $116 million | -28% |
| Total revenue | $181.4 million | +1% (YoY) |
| Net profit | $4.03 million | – |
| Power capacity under lease | 910 MW (Corsicana) | Partnership with Anthropic |
| Long-term data center revenue | $38 billion | – |
| BTC remaining on balance sheet | 2,418 BTC | – |
Financial position and liquidity moves
Despite falling mining income, Riot’s overall quarterly revenue edged up to $181.4 million, marking 1% growth compared to the previous year and surpassing analyst expectations. Net profit stood at $4.03 million for the quarter.
In a move to strengthen its finances, Riot fully repaid a $200 million credit line with crypto exchange Coinbase, returning 5,821 BTC previously held as collateral. The company finished the quarter with $950.2 million in liquid assets, including cash and remaining cryptocurrency reserves.
Riot currently retains 2,418 BTC on its balance sheet, which could also be sold in the coming quarters to fund ongoing construction and infrastructure expansion in Texas.
