Riot Platforms, a publicly traded Bitcoin mining firm, offered practically $200 million price of Bitcoin within the final two months of 2025 to shut the 12 months with a stability of 18,005 BTC. Matthew Sigel, the top of digital asset analysis at VanEck, instructed that the proceeds from the BTC gross sales have been simply sufficient to kickstart Riot’s 2026-27 AI build-out.
A snapshot report shared on social media by Sigel revealed that the corporate offered 383 BTC in November 2025 for about $37 million and 1,818 BTC in December for roughly $161.6 million, an 8% enhance MoM. The full BTC gross sales over the 2 months amounted to roughly $198.6 million, which Sigel believes can cowl your entire capital expenditure (capex) Riot has put aside for the primary 112 MW knowledge middle construct at Corsicana. Riot expects to finish the undertaking within the first quarter of 2027.
Sigel makes elevating AI capital look straightforward
The VanEck head of digital asset analysis made elevating capital for AI build-out tasks sound straightforward, teasing that only one winter of BTC gross sales is sufficient to fund part 1 of Riot’s knowledge middle. Sigel beforehand acknowledged that there’s a connection between AI and Bitcoin, claiming that Bitcoin miners are among the many largest sellers of BTC to fund their AI tasks.
In keeping with Sigel, firms like Riot must promote much more BTC to fund rising capex when credit score circumstances tighten. He famous that the BTC-Nasdaq correlation has elevated over the previous few months.
In the meantime, Riot produced 428 BTC in November 2025, representing a mean of 14.3 BTC per day. The mining firm additionally produced 460 BTC in December 2025 at a mean of 14.8 BTC per day, which was an 8% enhance MoM, and an 11% lower YoY. The common web worth per BTC offered was $96,560 in November and $88,870 in December.
Jason Les, Riot’s CEO, mentioned earlier this 12 months that his firm has made a strategic resolution to promote its month-to-month BTC manufacturing to fund ongoing AI-focused development and operations. He added that the transfer helps cut back Riot’s reliance on fairness financing, limiting shareholder dilution.
Riot expands deployed hashrate by 5% MoM
Consistent with Riot’s strategic BTC manufacturing and sale to fund AI build-outs, the miner elevated its deployed hashrate by 5% MoM, leaping barely from 36.6 E+H/s in November to 38.5 E+H/s in December. The brand new hashrate additionally represented a 22% enhance from 31.5 E+H/s in December 2024.
The common working hashrate in November was 34.6 E+H/s and 34.9 E+H/s in December 2025, representing a MoM enhance of simply 1%. In the meantime, the typical working hashrate had elevated by 27% YoY from December 2024’s 27.4 E+H/s.
Riot additionally benefited from the surge in energy and demand response credit. Energy credit rose from simply $1 million in November to $ 4.9 million in December, representing a 381% enhance MoM. The facility credit elevated 549% YoY from December 2024’s $0.8 million.
Then again, demand response credit remained virtually the identical MoM at $1.3 million (+2%). Nevertheless, the YoY enhance was a bit important, rising 64% from $0.8 million in December 2024.
In the meantime, Riot’s complete energy credit additionally surged 171% MoM from $2.3 million in November to $6.2 million in December, and 301% YoY from $1.5 million in December 2024. The corporate’s all-in energy price declined by 1% MoM to three.9 cents per KW/h (kilowatt hour). The YoY fleet effectivity additionally confirmed an enchancment at 20.2 J/TH.
