Riot Platforms, Inc.

Riot Platforms, Inc. is a U.S.-based digital infrastructure company centered on Bitcoin mining and related power-intensive operations. The company also operates an Engineering business that designs, manufactures, and installs electrical power-distribution equipment and engineered-to-order products for industrial and infrastructure customers.

−43,1 %

−102,4 %

+71,9 %

0.96

0.96

— Riot Platforms, Inc.
%
Bitcoin Mining75% Mining operations that produce bitcoin through deployed computing capacity and power contracts.
Engineering20% Design, manufacturing, and installation of electrical power-distribution equipment and custom products.
Data Center Development5% Buildout of scalable data center platforms for digital infrastructure and AI/HPC applications.

Riot’s Bitcoin Mining business does not sell to a traditional customer base in the usual sense; it generates bitcoin as...

  • Bitcoin market / treasury monetizationprimary

    Riot mines bitcoin and sells part of production or retains it as treasury assets to support operations and strategy.

  • Industrial and governmental engineering customerssecondary

    Buy custom electrical distribution equipment and installation services for large projects.

  • Data center and infrastructure customerssecondary

    Need scalable electrical and power systems for data center buildouts and related infrastructure.

  • AI/HPC compute usersemerging

    Potential future tenants for data center capacity requiring reliable, high-density power and cooling.

Riot is headquartered in the United States and operates facilities and development projects in Texas and Kentucky, with...

  • •U.S.-based company with operations concentrated in domestic facilities
  • •Texas sites are central to mining, power contracts, and data center buildout
  • •Kentucky facilities support mining capacity and power strategy
  • •ERCOT and MISO programs affect curtailment and ancillary-service economics
  • •Engineering serves U.S. industrial and governmental end markets

Riot’s strategy combines bitcoin mining, bitcoin treasury management, and vertically integrated infrastructure...

01
Expand scalable data center capacitymedium-term

Diversifies the platform beyond bitcoin mining and monetizes power assets more broadly.

02
Maintain vertically integrated engineering capabilitymedium-term

Reduces dependence on third parties for electrical equipment and site development.

03
Optimize bitcoin treasury and power strategyshort-term

Supports liquidity and improves economics through mining, sales, and grid participation.

Riot is exposed to bitcoin price volatility, mining difficulty, and the risk that power costs or grid conditions make...

high

Bitcoin price volatility

Mining revenue and treasury value are tied to bitcoin market prices.

Scope
Bitcoin Mining and treasury holdings
Materiality
high
high

Mining network difficulty and hash-rate competition

Higher network competition reduces the share of rewards Riot can earn.

Scope
Bitcoin Mining
Materiality
high
high

Data center buildout execution risk

New platforms may be delayed, over budget, or fail to perform as intended.

Scope
Corsicana and other facilities
Materiality
high
medium

Power price and grid participation risk

Economics depend on fixed PPAs, curtailment credits, and ancillary-service markets.

Scope
ERCOT and MISO-linked facilities
Materiality
medium
medium

Tariffs and supply-chain disruption

Critical electrical components and construction materials may be delayed or cost more.

Scope
Engineering and facility expansion
Materiality
medium
Bitcoin accounting and fair value changes
Revenue, gains/losses, and balance sheet carrying values
Valuation of Rockdale and Corsicana PPAs
Asset values and related expense recognition
Long-lived asset impairment
Potential impairment charges and asset carrying values
Stock-based compensation
Operating expense and equity compensation
Business combinations
Goodwill/intangible values and future impairment risk

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: 29/04/2026