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Riot Platforms sold 10,599 Bitcoin in the third quarter of 2026. That cut its treasury from 11,380 BTC at the end of June to just 2,418 BTC by September 30.
Riot is the second-largest publicly listed miner, and it has now sold 20,264 BTC this year for about $1.48 billion. Most of that cash is going into AI data centers, not back into its coin reserve.
Riot spent years building one of the largest Bitcoin stacks of any miner, so this is a sharp break from its old playbook.
Riot Reports $181M in Q3 Revenue as Bitcoin Mining Income Falls 28%
Riot reported third-quarter revenue of $181 million, up 1% from the same quarter last year. Net income dropped to $4.03 million and is down from $104 million a year earlier.
Mining was the weak spot. Bitcoin mining revenue fell to $116 million, down about 28% year over year. The April 2024 halving cut block rewards from 6.25 BTC to 3.125 BTC, and miners have been working with thinner margins ever since.
Riot mined 4,697 BTC in the first nine months of 2026. Over the same period, it sold 20,264 BTC, more than four times as much.
Riot Turns Focus to AI Data Centers With $38B in Long-Term Contracts
Riot signed a 15-year lease with an unnamed leading AI lab for 910 MW of critical IT capacity at its site in Corsicana, Texas.
The deal has an initial contract value of about $28 billion. Two optional five-year extensions could raise that to roughly $54 billion.
AMD also took up an option for 25 MW of extra capacity, with full delivery due in May 2027. Riot now has 1,151 MW of data center capacity under contract, worth about $38 billion in long-term contract revenue.
Riot’s Q3 earnings presentation lists Bitcoin sales as the main way it is paying for this buildout. The company also used sale proceeds to pay off its $200 million Coinbase credit facility in full on September 21.
That released all the BTC it had pledged as collateral. Riot ended the quarter with $950 million in total liquidity: $748 million in cash and $202 million in Bitcoin.
Riot Platforms Sells 10,599 BTC as Bitcoin Holdings Drop Nearly 79%
The Q3 sale wiped out close to 79% of Riot’s treasury in three months. The company had already sold 9,665 BTC in the first half of the year, so the selling sped up in the third quarter.
The miner held 514 BTC at the end of 2019 and had grown that to 4,884 BTC by the end of 2021. Its biggest jump came in 2024, when its holdings rose from 7,362 BTC to 17,429 BTC.
By the end of 2025, Riot held 18,005 BTC. Its filings say those additions came from its own mining, not from buying on the open market.
That reserve is now mostly gone. On its Q3 earnings call, Riot said it expects to keep selling substantially all the Bitcoin it mines.
Other companies are selling too. MARA Holdings sold 15,133 BTC for about $1.1 billion in March and used the cash to buy back roughly $1 billion in convertible notes.
Even Strategy, the largest corporate holder, sold 32 BTC in late May to help pay dividends on its preferred stock. It has kept buying since then and now holds 849,327 BTC.
BTC Price Analysis Shows Bulls Testing $82K Amid Miner Selling
On the 1-hour Binance chart, BTC has bounced about 4% from a low of $75,736 on November 4 and now trades near $80,654.
Buying volume rose clearly during the rebound, which makes it more convincing than a recovery on falling volume.
The setup goes back to October 29, when Bitcoin fell from the $81,000 to $82,000 range toward $76,000.
Price then moved sideways between $76,500 and $78,500. One more drop found buyers near $75,736.
Immediate resistance is at $81,000 to $81,200. A stronger ceiling sits at $82,000 to $82,100, close to the earlier high of $82,060. A clean hourly close above $82,000 would give bulls control of the short-term trend again.
