Riot Platforms saw its stock price climb more than 11% after revealing that it sold part of its Bitcoin
According to the company’s January 16 statement, about 1,080 Bitcoin were sold to fund a $96 million purchase of 200 acres in Rockdale, Texas.
The transaction marks a key step in Riot’s plan to grow beyond crypto mining and use its existing infrastructure for technology operations.
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Alongside the land purchase, Riot entered into a long-term data center and services deal with Advanced Micro Devices (AMD). The initial stage will add 25 megawatts of computing capacity.
Chief Executive Jason Les described the development as an important milestone. He noted that it strengthens Riot’s position as a data center operator, less than a year after it began evaluating its facilities for use in artificial intelligence (AI) and high-performance computing.
Under the ten-year agreement, Riot expects roughly $311 million in revenue, with the total possibly reaching $1 billion if the contract is extended three times for five years each.
Riot said it had sold 1,818 Bitcoin in December to support its plan to move beyond mining and use its facilities for new applications, including artificial-intelligence services.
By the end of 2025, Riot held about 18,005 Bitcoin valued at more than $17 billion at that time.
Recently, Babylon secured $15 million in funding from a16z Crypto through a purchase of its native BABY tokens. What did a16z Crypto say? Read the full story.
