Riot Platforms Sells Most Bitcoin Reserves and Signs $28 Billion AI Lease Deal

Riot Platforms shares rallied up to 20% after reporting third-quarter earnings and signing a 15-year, $28 billion lease with an AI lab for its 910 MW Corsicana campus. The company liquidated 10,599 Bitcoin during the third quarter, reducing its treasury by 79% to 2,418 BTC, and bringing total year-to-date sales to 20,264 BTC for roughly $1.5 billion. Riot used the proceeds to fund AI data center construction and settle a $200 million credit facility as mining margins compressed, with fully loaded mining costs reaching $78,805 per coin against realized prices of $70,855.