- Riot sold 10,599 BTC during Q3, reducing its holdings to 2,418 Bitcoin.
- A 15-year Corsicana lease carries approximately $28 billion in initial contract value.
- Mining revenue fell 28%, while quarterly net income declined approximately 96%.
Riot Platforms sold 10,599 Bitcoin during the third quarter as it redirected capital toward data center development. Its holdings fell nearly 79%, from 11,380 BTC in June to 2,418 BTC in September. Alongside its November 4 results, the company announced a 15-year AI infrastructure lease worth approximately $28 billion over its initial term.
Riot Platforms Bitcoin Sales Outpace Quarterly Production
The company produced 1,637 BTC during Q3, meaning sales exceeded production by roughly 6.5 times. The difference explains why reserves declined sharply despite continued mining activity.
Across the first nine months, Riot Platforms sold 20,264 BTC for approximately $1.5 billion. It said proceeds primarily funded data center development, shifting capital from cryptocurrency holdings into physical infrastructure.
Quarterly revenue reached $181.4 million, up approximately 1% annually. However, net income dropped to $4.03 million from $104.48 million, a decline of roughly 96%.
Mining revenue fell 28% to $116 million despite a 16% increase in Bitcoin production. Lower average Bitcoin prices outweighed that production growth. Data center revenue reached $18.4 million, while engineering contributed $47 million.Â
Riot Platforms Signs $28 Billion Lease as Mining Revenue Falls
According to its earnings release, the Corsicana agreement covers 910 megawatts of critical IT capacity. The tenant is an unnamed leading AI laboratory.
The $28 billion represents future contracted revenue, rather than cash received or quarterly earnings. Including existing Rockdale agreements, contracted capacity totals 1,151 megawatts, representing approximately $38 billion in long-term revenue.
Under the arrangement, Riot supplies land and power infrastructure. The tenant owns and operates the computing facilities and bears substantially all operating costs. Rent applies to contracted capacity regardless of utilization.
Riot Platforms estimates development costs at $5.5 billion and currently anticipates no equity issuance for announced projects. Delivery is scheduled for 400 megawatts in September 2027, followed by 200 megawatts in January 2028. The remaining 310 megawatts are scheduled for July 2028.
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