Riot Platforms sold off 2,200 BTC worth nearly $200 million in November and December 2025 to fund a major AI-focused infrastructure pivot.
Key Takeaways
- Riot Platforms sold 2,201 BTC for $198.6 million in November and December 2025.
- Proceeds will fund Phase 1 of a 112 MW AI data center build in Corsicana, Texas.
- BTC sales marked Riot’s largest monthly treasury reduction of 2025.
- Move comes amid a downturn in mining profitability and strategic shift to AI.
What Happened?
Riot Platforms, a leading US-based Bitcoin mining firm, sold 383 BTC in November and 1,818 BTC in December 2025, generating approximately $198.6 million in proceeds. This significant liquidation brought the company’s total Bitcoin holdings down to 18,005 BTC by year-end and marked its largest monthly sale in 2025. Riot aims to use the funds to support its growing investments in artificial intelligence infrastructure.
$RIOT sold ~$200M of Bitcoin in Nov/Dec vs. zero y/y.
— matthew sigel, recovering CFA (@matthew_sigel) January 6, 2026
That’s roughly the entire capex Riot has guided for the first 112 MW core/shell build at Corsicana, targeting completion in Q1 2027.
In other words: one winter of BTC sales ≈ funding Phase 1 of the AI data-center pivot. https://t.co/1oImilw8rs pic.twitter.com/oUcf5Pksju
Riot’s Bitcoin Sell-Off Fuels AI Pivot
Riot Platforms is leveraging its Bitcoin reserves to diversify into AI by building a large-scale data center. The 112 MW core and shell build at Corsicana, Texas is slated for completion in the first quarter of 2027. According to Matthew Sigel, head of digital asset research at VanEck, the funds raised from the two-month BTC sale match the full capital expenditure planned for Phase 1 of the data center.
- November 2025: 383 BTC sold at an average price of $96,560, earning $37 million.
- December 2025: 1,818 BTC sold at an average price of $88,870, generating $161.6 million.
- Total BTC sold: 2,201 BTC for $198.6 million.
Sigel emphasized that Bitcoin miners like Riot are among the largest marginal sellers of BTC, often liquidating reserves to fund AI infrastructure, especially when credit markets tighten.
Production and Mining Trends
Despite the asset liquidation, Riot maintained strong operational performance to close out 2025. The company produced 428 BTC in November and 460 BTC in December, reflecting an 8% month-over-month growth but an 11% year-over-year decline compared to December 2024.
- Average production rate: 14.3 BTC/day in November and 14.8 BTC/day in December
- Deployed hashrate: Increased from 36.6 EH/s in November to 38.5 EH/s in December (5% MoM, 22% YoY)
- Average operating hashrate rose 1% MoM to 34.9 EH/s and 27% YoY from December 2024
The pivot to AI also coincides with a broader industry trend of declining mining profitability. According to data from The Block, hashprice has hovered near cycle lows, putting further pressure on operational margins.
Boost from Power Credits and Strategy Shift
Riot’s financials received a cushion from a surge in power and demand response credits, which rose significantly in December.
- Power credits increased 381% MoM to $4.9 million and 549% YoY.
- Total power credits reached $6.2 million in December, up from $2.3 million in November (171% MoM increase).
- All-in power cost fell slightly to 3.9 cents per kilowatt hour.
- Riot’s energy efficiency improved to 20.2 joules per terahash (J/TH).
To align with its capital needs, Riot also replaced its previous $150 million at-the-market equity facility with a new $500 million program, signaling broader changes to its financial strategy. December 2025 marked the company’s final monthly update, with plans to shift to quarterly reporting going forward.
CoinLaw’s Takeaway
I’ve seen plenty of mining companies try to diversify, but Riot’s move feels especially bold. Selling off over $198 million in BTC in just two months is no small feat, especially when you consider the timing during a hashprice slump. In my experience, such aggressive pivots often come from a place of both opportunity and pressure. Riot is betting big on AI infrastructure and wants to lead the charge rather than get left behind. With mining margins shrinking and AI demand skyrocketing, this could be a defining move for their next chapter.
