- Riot Platforms sold 10,599 Bitcoin in the third quarter, reducing its holdings from 11,380 BTC to 2,418 BTC as it shifted funds towards data centre development.
- The company signed a 15-year agreement worth approximately $28 billion to provide infrastructure for an unnamed artificial intelligence (AI) company in Texas.
- Riot’s mining revenue fell nearly 28% year-on-year, but its total revenue increased 1% to $181.4 million, supported by its growing data centre and engineering businesses.
Bitcoin miner Riot Platforms is diversifying away from reliance on crypto-mining as it sells 10,599 Bitcoin in Q3 2026 to lock in a 15-year datacentre lease deal worth around $28 billion. This shows Riot’s increasing interest in the AI industry as they look to capitalise on increased demand for computing power and data storage.
910 MW. 15 years. One campus. Today we announced the largest lease in Riot’s history, with a leading frontier AI lab at Corsicana: approx. $28 billion in total contract revenue over the 15-year initial term.
View the full details: https://t.co/JRApmzro2D https://t.co/m0Pckw3p48
— Riot Platforms, Inc. (@RiotPlatforms) November 4, 2026
Riot reported that their Bitcoin reserves dropped from 11,380 BTC in June to 2,418 BTC by the end of September (Q3). They only mined 1,637 Bitcoin during the quarter however sold much more than that.
Riot has sold around $1.5 billion worth of Bitcoin since the beginning of 2026, taking its total sales to 20,264 BTC. Most of the money is being used to develop data centres and expand its business beyond Bitcoin mining. At the end of September, the company had $748.2 million in cash and $202 million in Bitcoin.
Revenue From Mining Operations Falls
Riot’s decision to diversify comes at a time where their Bitcoin mining operations have suffered, with revenue falling almost 28% to $116 million in the third quarter, compared with $160.8 million.
Their total revenues rose by 1% to $181.4 million. Its data centre operations contributed $18.4 million, with $47 million generated from their engineering operations.
This did not help the company as net income fell dramatically to $4.03 million from $104.5 million. However, Riot did manage to bring down their average mining costs per Bitcoin to $39,265 from $46,324 meaning they could control some of their costs.
Large $28B AI Deal
Riot’s main highlight of the quarter was securing a 15-year deal to provide 910 megawatts of IT infrastructure on their Corsicana campus in Texas. An unnamed AI company will utilise the infrastructure to meet computing needs. It is worth around $28 billion, with average annual payments of around $1.8 billion.
“Riot has entered into the largest leasing deal in our history,” said CEO Jason Les. Earlier in the year Riot announced a large AI datacentre deal worth $9.1 billion on their Rockdale campus. This is for 191 megawatts of capacity and will be for 20 years.
In total Riot have now secured 1,151 megawatts in leases which equates to around $38 billion in long term revenue. This is expected to be paid by the companies.
The Corsicana deal will cost around $5.5 billion to complete. The first 400 megawatts will be delivered in September 2027, then 200 megawatts in January 2028 and finally 310 megawatts in July 2028.
The company do not expect to issue new shares to fund the deals. The company’s shares were trading at $15.49 on Wednesday 4th November, up by 14%. They rose by 18.41% on Tuesday.
Riot’s strategy shows that some Bitcoin miners are looking to diversify away from crypto-mining to take advantage of increased demand for AI infrastructure. However, it remains to be seen whether they can deliver these large scale projects in a timely manner.
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