Confirmed: Riot Platforms sold bitcoin at scale in 2026 to fund data-center work and clean up debt. The remaining stack is much smaller.
Riot’s November 4 results release says the company sold 20,264 bitcoin year-to-date for about $1.5 billion, primarily to fund data-center development, repaid and terminated a $200 million Coinbase credit facility, and ended the quarter with 2,418 bitcoin plus $748.2 million in cash. It also signed a 15-year powered-land lease for the entire Corsicana campus: 910 MW of critical IT capacity with a “leading Frontier AI Lab,” about $28 billion of initial-term contract value.
Bitcoin Treasuries summarized a net drop of 8,962 BTC to 2,418. Its write-up reconstructs the quarter as 10,599 BTC sold and 1,637 mined, which nets to that 8,962 figure from a June 30 balance of 11,380 BTC. The viral “sold 8,962” line is the net holdings change, not a single trade ticket.
Mining still happens: Riot produced 1,637 BTC in the quarter at an average cost to mine of $39,265 excluding miner depreciation. Data-center revenue was $18.4 million in the quarter. CEO Jason Les said the company does not currently anticipate issuing equity to fund the announced projects.
The skeptical read: selling inventory to build AI colocation can be rational and still changes the bitcoin-treasury story. Watch whether future hashprice covers the remaining fleet, and whether AI rent checks arrive on the schedule in the lease.
Read the Bitcoin Treasuries post on Riot’s holdings
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