Riot’s 10,599 $BTC exit had investors chasing its AI data-center pivot

Riot Platforms sold 10,599 BTC in the third quarter as it redirected capital toward data center development, according to the company’s November 4 report. The Bitcoin miner also secured a 15-year AI infrastructure lease valued at approximately $28 billion, bringing its total contracted revenue to $38 billion.

Riot’s holdings fell from 11,380 BTC in June to 2,418 BTC in September, a reduction of nearly 79%. The company mined 1,637 BTC during the quarter but sold 10,599 BTC, exceeding its mining output. Since the beginning of 2026, Riot has sold 20,264 BTC worth around $1.5 billion, with most of the proceeds used to build data centers as it diversified beyond mining.

The pivot came as Bitcoin mining revenue declined nearly 28% to $116 million in the third quarter, compared with $160.8 million in the same period of the previous year. Total revenue nevertheless rose 1% to $181.4 million, supported by other business segments: data center operations contributed $18.4 million and engineering contributed $47 million.

By the end of September, Riot reported $748.2 million in cash and $202 million in Bitcoin assets. The company’s quarterly net income stood at $4.03 million.

Shares of RIOT gained more than 10% to $15.49 on Wednesday, extending an 18.41% rally on Tuesday.