Riot Platforms Sells Bitcoin to Fund Its Shift Into AI Data Centers

Riot Platforms has been selling bitcoin from its treasury to help pay for operations and data center construction rather than raising new debt or equity. At the end of the second quarter it held 11,380 bitcoin worth about $666 million, with 5,821 coins pledged as collateral.

The company reports about $9.8 billion in contracted revenue tied to AMD and an AI lab, expected to generate roughly $520 million a year once fully deployed by June 2028. Free cash flow over the past four quarters was negative by about $945 million.

Management estimates the AI build-out will need between $30 million and $280 million in net equity funding after debt covers 80% to 90% of the $2.1 billion to $2.3 billion project cost. The strategy marks a shift from bitcoin mining as the core business toward AI infrastructure.