Nasdaq-Listed Riot Keeps Selling Bitcoin While Reinventing Its Business

Riot Platforms is accelerating its shift away from a pure Bitcoin-mining model by repeatedly selling BTC to fund its expansion into AI data centers. The company moved another 500 BTC, worth about $39 million, to NYDIG custody, consistent with prior transfers that often precede sales. Last quarter, Riot sold 3,778 BTC for $289.5 million while mining only 1,473 BTC, reducing holdings to about 15,680 BTC, down 18% year over year. The sales have financed strategic investments, including a $96 million land purchase for its Rockdale, Texas data center project, which now has AMD as an anchor tenant under a 10-year lease worth about $311 million. Riot’s mining economics have deteriorated after the 2024 halving, with reported all-in costs of $96,283 per BTC mined and a quarterly net loss of roughly $500 million. The article frames the BTC sales as a treasury drawdown supporting a broader pivot into revenue-generating infrastructure rather than a bet on Bitcoin prices alone.