Riot Platforms sells $161.6M in Bitcoin as it shifts to AI-capable data centers

Riot Platforms sold 1,818 Bitcoin in December for $161.6 million at an average net price of $88,870, as part of a strategy shift from Bitcoin mining to monetizing its power and data centre infrastructure and supporting artificial intelligence workloads, the company said Tuesday. As of Dec.

31 the company held 18,005 Bitcoin, including 3,977 restricted BTC, down from 19,368 at the end of November, while producing 460 Bitcoin during the month. The company’s filings define restricted Bitcoin as BTC it owns but has pledged as collateral under its debt facilities and holds in a segregated custody account.

According to Bitcointreasuries.net, Riot ranks seventh among publicly listed companies by Bitcoin holdings. Riot also said the December report will be its final monthly production and operations update as it shifts to quarterly disclosures focused on overall business performance, data centre strategy and progress, and Bitcoin mining.

In October the company said Bitcoin mining was no longer its end goal and outlined plans to repurpose its power infrastructure to support a proposed 1-gigawatt AI data centre campus. The company’s pivot reflects wider industry moves after the April 2024 halving increased mining costs, prompting miners to seek additional revenue from AI computing and other uses of energy-dense data centres.

Key Topics

Crypto, Riot Platforms, Bitcoin, Ai Data Center, Bitcointreasuries.net, Google