Riot Opens $500 Million Stock Offering as Bitcoin Output Slips

Riot Platforms has opened a $500 million at-the-market stock offering, raising fresh capital at a time when its bitcoin production is declining. The move extends a busy stretch for the miner, which reported second-quarter results this week amid expectations of significant losses and revenue near $149 million.

The company is increasingly positioning itself as a developer of large-scale data centers rather than a pure bitcoin miner. Riot began generating revenue from a data center lease with AMD in January and holds over $1.9 billion in liquidity, including roughly 18,000 bitcoin and about $310 million in cash.

Shares have been volatile, recently dropping 14% in a single session to trade near $20.52 as analysts remain split on whether the AI-infrastructure pivot can offset weaker mining economics.