American Riot Platforms Inc. (RIOT) sold off 79% of its Bitcoin in the third quarter of 2026, redirecting capital toward building infrastructure for artificial intelligence. According to a fresh financial report, the company reduced its cryptocurrency reserves from 11,380 to 2,418 BTC.
In total, over the first nine months of the year, Riot sold 20,264 BTC on the market, receiving about $1.5 billion for them. This money went toward financing a major technological shift: the company's free energy capacity is being repurposed for high-performance computing needs.
Riot shares reacted to the session open with a sharp jump to $16.20, after which they stabilized in the $15.45–$15.50 range, holding positions on elevated volumes.
A turn in Texas: why power grids have become more profitable than Bitcoin mining
The main incentive for selling the cryptocurrency was a 15-year agreement to lease ready-made sites and capacities (powered land lease) totaling 910 MW at the Corsicana campus in Texas. The strategic partner was the Frontier AI Lab (Anthropic) laboratory.
The initial cost of the contract is estimated at $28 billion, and the average annual rent at the start will be about $1.8 billion. Taking into account other projects, Riot's total long-term revenue in the data center segment has reached $38 billion, and the total controlled capacity is 1,151 MW.
Riot CEO Jason Les noted that the agreement is structured as a triple-net lease. Under its terms, the client itself purchases and maintains the computing equipment. For Riot, this reduces construction costs by roughly half compared to standard Tier 3 data centers. As a result, the company will be able to do without issuing new shares and diluting investors' stakes.
The shift in focus is occurring against the backdrop of falling margins in classic mining. Riot's quarterly revenue from cryptocurrency mining fell by 28% — to $116 million, although the company actually mined 1,637 BTC.
Nevertheless, total quarterly revenue held at $181.4 million (+1% year-over-year), outpacing market forecasts. Net profit amounted to $4.03 million.
To optimize its balance sheet, the company fully closed its $200 million credit line with Coinbase, returning 5,821 BTC from collateral. Riot ended the quarter with free liquidity of $950.2 million (including cash and the remainder of the cryptocurrency). The balance sheet retains 2,418 BTC, which may also go under the hammer in the fourth quarter to finance the Texas construction.
