In December 2025, Riot Platforms recorded a significant production output of 460 Bitcoin while simultaneously selling 1,818 Bitcoin for a total of US$161.6 million. This marked a noteworthy shift for the company, which has traditionally focused on Bitcoin accumulation. Riot also completed follow-on equity offerings exceeding US$600.53 million during this period and announced the appointment of Jason Chung as the incoming Chief Financial Officer, effective March 2026.
These developments indicate a strategic pivot from a pure Bitcoin-hoarding model to a more diversified approach that involves utilizing sales of Bitcoin and new equity to fund an ambitious expansion into AI-focused data centers and broader digital infrastructure projects. The impact of these record Bitcoin liquidations and the substantial fundraising efforts on Riot’s investment narrative demands close examination.
The company is now poised at a critical juncture where it must leverage its extensive power footprint and mining expertise to establish a viable AI and high-performance computing data center business. Investors will need to navigate the inherent volatility associated with Bitcoin mining while recognizing the need for sustained capital investment. While the infusion of funds from Bitcoin sales and the recent equity raise provide crucial financing for the Corsicana build, it also amplifies the risks associated with high capital expenditures, especially in the absence of immediate corresponding revenues from data center operations.
In December, Riot disclosed a significant change in its reporting strategy, announcing that it would halt monthly production updates and instead shift to broader quarterly updates that focus on the progress of its data center initiatives. This strategic communication underscores a pivotal transition where the execution of AI-focused infrastructure has emerged as the primary driving factor, overshadowing the incremental changes in Bitcoin production and holdings.
Investors must remain vigilant: the ongoing substantial capital expenditures, if not paired with secured tenants for the new facilities, could lead to underutilized power capacity. This scenario poses a risk of weakening the returns on recent investments.
Looking toward the future, Riot Platforms aims to achieve projected revenues of $992.8 million and earnings of $125.7 million by 2028. This ambitious forecast anticipates an impressive 22.4% annual revenue growth and seeks to transform current losses of -$94.8 million into profitable margins, necessitating a substantial turnaround.
The current fair value estimates for Riot Platforms vary widely among analysts, ranging from approximately US$17.19 to US$26.44. This disparity highlights differing perspectives on upside potential and associated risks. Investors must weigh these varying estimates against the backdrop of possible large-scale Bitcoin sales paired with substantial equity issuance, which could increase the risk of underutilized data center resources and impact the anticipated returns on investments.
For those interested in the evolving landscape of Riot Platforms, further insights and analysis are available, guiding a deeper understanding of current investment dynamics and future prospects.
