Riot Platforms sold 20,264 Bitcoin for approximately $1.5 billion in the first nine months of 2026, directing the proceeds primarily toward data center development as the company scales up its AI infrastructure business. The Bitcoin miner disclosed the figures on Wednesday, Nov. 4, in a filing with the U.S. Securities and Exchange Commission, alongside its third-quarter financial results. The treasury drawdown underscores how miners with large, grid-connected power footprints are financing a pivot toward AI computing at a time when securing electricity, rather than land or capital alone, has become a defining constraint on data center expansion.

Riot ended September with approximately $748 million in cash on hand and 2,418 Bitcoin held in reserve, valued at roughly $202 million. The company said it has not issued equity so far this year and does not currently expect to raise additional equity capital to fund its announced projects. That framing positions the Bitcoin holdings as a working funding source for construction rather than a pure long-term reserve, in contrast to the accumulation-focused treasuries some other public Bitcoin holders maintain.

The centerpiece of the update was a new 15-year triple-net powered land lease with a leading Frontier AI Lab covering 910 megawatts of critical IT capacity at Riot's Corsicana campus, one of its flagship large-scale sites in Texas. Under a triple-net structure, the tenant generally absorbs property taxes, insurance, and maintenance costs, while in a powered land deal the landlord secures the site and its electrical capacity, an arrangement that lets AI developers lock in long-duration access to scarce power. The agreement is valued at approximately $28 billion over its initial term, with average annual rent of around $1.8 billion.

The lease lifts Riot's total leased capacity to 1,151 megawatts and its contracted data center revenue to approximately $38 billion. That figure includes the company's contract with AMD and a separate lease with the same AI lab at its Rockdale site. Two five-year extension options could raise the total value of the Corsicana agreement to approximately $54 billion over the extended term.

Alongside the leasing announcement, Riot reported third-quarter revenue of $181.4 million, an increase of 1%, as growth in data center and engineering operations offset lower Bitcoin mining revenue. Data centers contributed $18.4 million in revenue during the quarter, the engineering segment generated $47 million, and mining revenue declined to $116 million. The mix shows the transition underway: mining remains the largest revenue contributor, but the growth is coming from the newer infrastructure and engineering lines.

Bitcoin production rose 16% to 1,637 BTC during the three-month period, even as the average cost to mine a single Bitcoin, excluding depreciation, declined to $39,265 from $46,324 a year earlier. With roughly $38 billion in contracted data center revenue on the books and up to $54 billion possible at Corsicana, future filings will show how quickly those leases convert into recognized revenue, and whether Riot holds to its stated intention of funding build-out without new equity.