Riot Platforms (RIOT) Stock: Sells $200M in Bitcoin to Expand AI Data Centers

TLDR

• Riot Platforms sold 2,201 bitcoin in November and December 2025, generating approximately $200 million in proceeds
• The sales reduced Riot’s bitcoin holdings to 18,005 BTC, down from 19,324 BTC in October
• VanEck analyst suggests the proceeds will fund Phase 1 of Riot’s Corsicana AI data center, targeting completion in Q1 2027
• The bitcoin sales mark a shift from 2024 when Riot sold no bitcoin and added over $500 million to its treasury
• Multiple bitcoin mining companies including CleanSpark, MARA, and Bitfarms are pivoting toward AI data center operations

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Riot Platforms sold 2,201 bitcoin during the final two months of 2025, netting the Colorado-based mining company nearly $200 million. The sales included 1,818 BTC worth $161.6 million in December and 383 BTC valued at $37 million in November.

Riot Platforms, Inc., RIOT

The transactions dropped Riot’s bitcoin balance to 18,005 BTC by year-end. At current prices around $92,500, those holdings are worth approximately $1.65 billion. This places Riot among the top 10 publicly traded companies by bitcoin holdings.

The end-of-year selloff represents a major strategy change for Riot. In 2024, the company sold zero bitcoin. Instead, it added more than $500 million worth of BTC to its treasury throughout that year.

Riot’s October balance sheet showed 19,324 BTC. The recent sales cut that figure by more than 1,300 coins. The company now holds just 293 BTC more than it did at the end of 2024.

Funding the AI Pivot

Matthew Sigel, head of digital assets research at VanEck, connected the bitcoin sales directly to Riot’s infrastructure plans. He stated the $200 million roughly equals the entire capital expenditure for Riot’s first 112 megawatt core build at its Corsicana facility.

The Corsicana AI data center is targeting completion of Phase 1 in the first quarter of 2027. Sigel noted that one winter of bitcoin sales essentially funds the entire first phase of what he called the company’s “AI data center pivot.”

Earlier in 2025, when Riot sold bitcoin, the CEO said proceeds would fund ongoing growth and operations. The company’s third-quarter earnings presentation revealed a “power-first strategy” where bitcoin mining serves as a tool to monetize the power portfolio before full data center development.

Riot’s long-term approach focuses on maximizing the power it generates. The company stated its bitcoin mining strategy has evolved. The ultimate goal is fully converting its megawatts to data center use.

Industry-Wide Shift

Sigel argued that bitcoin and the AI trade are becoming increasingly linked. He pointed out that miners have been among the largest marginal sellers of BTC. This happens especially when they need to fund AI-related capital expenditures during tight credit conditions.

The analyst suggested this pattern could be one factor behind bitcoin’s price decline during 2025. Bitcoin recently traded around $92,500, down 1.2% from previous levels.

Riot isn’t alone in pivoting toward AI infrastructure. CleanSpark and MARA have both announced strategic shifts in recent months. Bitfarms went further, stating it will completely wind down bitcoin mining operations to focus exclusively on AI.

Cipher Mining and Hut 8 have signed billion-dollar AI deals backed by Google. The tech giant is supporting these mining companies’ transitions into data center operations. The trend shows how mining firms are repositioning themselves in the market.

Riot shares closed Tuesday’s trading session up 1.3%. The stock has jumped more than 23% over the last six months. Shares currently trade at $14.98.

Bitcoin gained nearly 6% over the last week. The cryptocurrency recently changed hands at $92,773 per coin.

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