Riot Platforms sold 20,264 bitcoin for about $1.5 billion in 2026 to fund AI data centers, while Hut 8 sold 3,102 BTC since July to finance $250 million in share buybacks.

Two of the largest U.S. bitcoin miners, Riot Platforms and Hut 8, sold significant portions of their bitcoin reserves in 2026 to fund artificial intelligence data centers and share buybacks. Both companies announced their third-quarter results on November 4, 2026.
In its earnings release, Riot Platforms reported selling 20,264 BTC year to date for about $1.5 billion. “Riot signed a 15-year triple-net lease with an undisclosed ‘Frontier AI Lab’ for its entire Corsicana, Texas campus, with 910 MW of critical IT capacity, worth about $28 billion over the initial term and $1.8 billion in average annual rent,” the filing said. The company’s reserve fell from 18,005 BTC on January 1 to 2,418 BTC at the end of September, worth about $202 million at the then-current price of $83,554 per coin. Sales rose quarter over quarter: 3,778 BTC in the first quarter, 4,300 in the second, and 12,186 in the third.
Bitcoin sold instead of new shares
Riot used the proceeds for data center development and to fully repay a $200 million credit facility with Coinbase, freeing all pledged coins. The company issued no new shares during the year. Riot mined just 1,637 BTC in the same quarter at an average cost of $39,265 before depreciation, so sales far exceeded mining output.
Riot’s mining revenue fell 28% to $116 million as the average realized coin price dropped to $70,855 from $114,361 a year earlier. Total quarterly revenue was $181.4 million. Reserve sales thus effectively replaced mining operations as a source of funds.
Riot is becoming an AI landlord
The Corsicana deal explains the sales. Riot is funding $2 million per megawatt for shells and power lines, while the client covers the remainder of the total cost of about $6 million per megawatt and will receive compensation through non-recourse project debt. CEO Jason Les said that at full deployment, the company expects annual net operating income of more than $2 billion. Deliveries under the contracted phases are scheduled from September 2027 to July 2028.
Market reactions were opposite: Riot shares jumped about 13% at the time of the report, while Hut 8 shares fell about 17% at the same time. The contrast comes amid broader weakness: Bitcoin ETF products recorded their worst week, while BTC is down more than 30% from its peak.
Hut 8 swaps bitcoin for share buybacks
Hut 8 took a different path. The company has sold 3,102 BTC since July to fund $250 million in share buybacks: about 954 BTC for $74.8 million in the third quarter and another roughly 2,148 BTC for $175.4 million in October, which were used to retire 3.3 million shares.
On November 2, Hut 8’s board increased the buyback authorization to $1 billion. The company also retains a $1.07 billion secured revolving credit facility, unused at the end of the quarter.