Riot Platforms sold approximately 4,300 Bitcoin during the second quarter of 2026, drawing down one of the crypto mining industry’s largest corporate Bitcoin treasuries as the company funds operations and an increasingly ambitious expansion into data centers. Riot ended June with 11,380 BTC, worth approximately $666 million using Bitcoin’s June 30 market price of $58,527. Of those holdings, 5,821 BTC were pledged as collateral, according to the company.
The sales extend a shift in Riot’s treasury strategy. During the first quarter alone, the company sold 3,778 BTC for approximately $289.5 million. Riot has said it evaluates the amount of Bitcoin it retains against the cash required for operations and expansion, rather than treating its entire mined supply as a permanent treasury reserve. That distinction is becoming increasingly important as Riot transforms from a predominantly Bitcoin-mining business into a broader digital-infrastructure operator.
Bitcoin Mining Remains the Cash Engine
Riot produced 1,587 BTC during the three months ended June 30, up 11% from 1,426 BTC a year earlier. Yet Bitcoin mining revenue declined to $113.7 million from $140.9 million as lower average Bitcoin prices and higher global network hash rate offset Riot’s increased production. Mining economics also tightened. Riot reported an average cash cost to mine one Bitcoin, excluding depreciation, of $49,912, compared with $48,992 in the year-earlier quarter.
Total quarterly revenue nevertheless increased 14% year over year to $174.2 million from $153.0 million, helped by new data center revenue and a sharp increase in engineering revenue. Riot reported a $237.2 million net loss for the quarter, compared with net income of $219.5 million a year earlier. Adjusted EBITDA swung to negative $69.7 million from positive $495.3 million. Despite the Bitcoin sales and quarterly loss, Riot finished June with more than $1.2 billion of liquid assets, including $548.9 million in cash and its remaining Bitcoin holdings.
Bitcoin Is Financing a Much Bigger Data Center Bet
The balance-sheet shift coincides with Riot rapidly expanding its data center operations. Data center revenue reached $23.2 million in Q2, including $4.9 million of operating lease revenue and $18.3 million from tenant fit-out services. Riot also completed the initial 25-megawatt deployment for AMD at its Rockdale, Texas campus and is building another 25 MW. More significantly, after quarter-end Riot signed a 20-year agreement to provide 191 MW of critical IT capacity at Rockdale to a frontier AI company. Riot expects the initial contract to generate approximately $9.1 billion in revenue through June 2048, with extension options potentially increasing its value to roughly $16.1 billion.
Together with AMD, Riot now has 241 MW of contracted critical IT capacity representing approximately $9.8 billion in long-term contracted revenue. The strategy illustrates a broader change taking place across Bitcoin mining. Miners accumulated large power portfolios to secure inexpensive electricity for cryptocurrency mining, but soaring AI computing demand has made those same power connections potentially valuable for data centers. For Riot, Bitcoin is increasingly serving two purposes: it remains a core source of operating revenue, but the company’s accumulated BTC also represents a liquid source of capital that can help finance its transition into a substantially larger digital-infrastructure business.
