Riot Platforms, Inc. (NASDAQ: RIOT) is a Bitcoin mining and digital infrastructure company with a vertically integrated strategy. The company focuses on supporting the Bitcoin blockchain through large-scale mining operations, engineering services, and data center hosting. Riot operates some of the largest Bitcoin mining facilities in North America and provides electrical engineering and fabrication services for power-intensive projects.
- Bitcoin Mining - Mines Bitcoin to support the Bitcoin blockchain, operating large-scale facilities in Texas, including the Rockdale Facility and the Corsicana Facility, which are among the largest in North America.
- Engineering - Provides electrical switchgear engineering and fabrication services for power-intensive projects, with operations in Denver, Colorado, and Houston, Texas.
- Data Center Hosting - Offers infrastructure and hosting services for institutional-scale Bitcoin mining operations.
- Other Revenue - Includes residual revenue from previously terminated data center hosting contracts and other external customer revenue.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Benjamin Yi ExecutiveBoard | Executive Chairman | Benjamin Yi has served as Riot Platforms’ Executive Chairman since May 2021 and has been a member of the Board since October 2018, previously serving as Chairman of the Board from November 2020 through May 2021. | ||
Jason Les ExecutiveBoard | Chief Executive Officer | CEO of RIOT Platforms, Inc. since February 8, 2021 and Director on the Board since November 2017, with extensive expertise in cryptocurrency mining and protocol development. | View Report → | |
Colin Yee Executive | Executive Vice President, Chief Financial Officer (EVP-CFO) | Colin Yee serves as Riot Platforms, Inc.'s EVP-CFO since July 2023. Previously, he held the roles of CFO from September 2022 to July 2023 and Head of Corporate and Financial Operations from April 2022 to September 2022. | ||
Jason Chung Executive | Executive Vice President, Head of Corporate Development & Strategy | Jason Chung has served as Executive Vice President, Head of Corporate Development & Strategy at RIOT Platforms since July 2023, after previously serving as Head of Corporate Development & Strategy from June 2022 to July 2023. He brings nearly two decades of investment banking and corporate finance expertise to his role, driving corporate development, capital markets, and investor relations efforts. | ||
Ryan Werner Executive | Senior Vice President and Chief Accounting Officer | Ryan Werner serves as the Senior Vice President and Chief Accounting Officer at Riot Platforms since September 2022, where he leads the company’s public accounting function. Previously, he was the Vice President of Finance from March 2021 to September 2022, and he has held key financial roles at UDR, Inc. and Ernst & Young. | ||
Stephen Howell Executive | Senior Vice President and Chief Operating Officer (COO) | CEO of ESS Metron | Stephen Howell has served as Riot Platforms' COO since June 1, 2024. He is also the CEO of ESS Metron, a subsidiary of Riot Platforms, and brings extensive experience in the electrical and power systems industry. | |
William Jackman Executive | Executive Vice President, General Counsel, and Corporate Secretary | William Jackman has served as Executive Vice President, General Counsel, and Corporate Secretary at Riot Platforms, Inc. since September 2022. He began his involvement with Riot as external counsel in September 2018 and joined the management team in July 2021, underpinning his extensive legal expertise. | ||
Douglas Mouton Board | Board Director | Advisory Board Member at Fidelis New Energy | Douglas Mouton has served on the board of Riot Platforms, Inc. as a non-employee director since February 2025 and is a member of the Audit, Compensation, and Governance Committees. Previously, he held leadership roles at Meta and Microsoft and currently serves on the advisory board at Fidelis New Energy since September 2022. | |
Jaime Leverton Board | Independent Director | Jaime Leverton is an Independent Director at RIOT and serves as the Chair of the Governance Committee, drawing on extensive governance expertise; she previously held CEO roles at Ulys Holdings, Inc. and Hut 8 Mining Corp.. | ||
Lance D’Ambrosio Board | Director on the Company’s Board | Managing Partner at 4 D Investments; Co-founder and Chairman at RackScale Data Centers | Lance D’Ambrosio has served on Riot’s Board since May 2021 and currently holds roles as Chair of the Compensation Committee (since June 2024) and Lead Independent Director (since February 2025), leveraging his extensive experience in corporate governance and finance. | |
Michael Turner Board | Director | Board Member at Lineage Holdings | Michael Turner serves as an independent director at Riot Platforms, Inc. since February 2025, acting as Chair of the Audit Committee and as a member of both the Compensation and Governance Committees, with extensive experience in real asset investment and financial management. |
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In light of the net loss of $296.4 million in Q1 2025 largely driven by mark-to-market adjustments due to a Bitcoin price decline, what specific measures are you taking to buffer operational performance against further market volatility?
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With your strategy to transition from heavy ATM usage to alternatives like Bitcoin production sales and a collateralized credit facility with Coinbase, how are you managing the risk of shareholder dilution while securing sufficient growth capital?
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Given that the acquisition of Rhodium’s assets was aimed at eliminating litigation losses and optimizing operational efficiency, could you detail how you plan to integrate these assets into your broader strategy to enhance hash rate capacity and overall margin improvement?
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The guidance for cash SG&A expenses was maintained at a run rate of $30 million to $33 million per quarter despite one-off litigation and advisory fees; what additional cost-control initiatives are being considered to further improve these margins amid unpredictable expense items?
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As you pursue the build-to-suit AI/HPC data center path at Corsicana, what are the contingency plans if securing an LOI or competitive financing from blue chip tenants remains delayed, and how will that impact your 2026 energization timeline?
Research analysts who have asked questions during Riot Platforms earnings calls.
Darren Aftahi
Roth Capital Partners
4 questions for RIOT
Mike Grondahl
Lake Street Capital Markets
4 questions for RIOT
Reginald Smith
JPMorgan Chase & Co.
4 questions for RIOT
Bill Papanastasiou
Keefe, Bruyette & Woods (KBW)
3 questions for RIOT
Brett Knoblauch
Cantor Fitzgerald & Co.
3 questions for RIOT
Gregory Lewis
BTIG, LLC
3 questions for RIOT
Joseph Flynn
Compass Point Research & Trading, LLC
3 questions for RIOT
Paul Golding
Macquarie Capital
3 questions for RIOT
John Todaro
Needham & Company
2 questions for RIOT
Martin Toner
ATB Capital Markets
2 questions for RIOT
Nick Giles
B. Riley Securities
2 questions for RIOT
Bin Somers
BTIG
1 question for RIOT
Brian Beaden
Needham & Company, LLC
1 question for RIOT
Brian Dobson
Chardan Capital Markets
1 question for RIOT
Lucas Pipes
B. Riley Securities
1 question for RIOT
Michael Colonnese
H.C. Wainwright & Co.
1 question for RIOT
Patrick Moley
Piper Sandler & Co.
1 question for RIOT
Stephen Glagola
JonesTrading
1 question for RIOT
Will Cops
Piper Sandler
1 question for RIOT
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Rhodium Encore LLC (Rockdale Facility assets) | 2025 | Riot Platforms acquired tangible mining assets at its Rockdale Facility for $185.0 million—comprising $129.9 million in cash, $6.1 million return of a power security deposit, and shares valued at $49.0 million—to repurpose Rhodium’s ASIC miners and 125 MW power capacity, eliminate legacy hosting losses, and resolve ongoing litigation. |
Block Mining, Inc. | 2024 | Riot Platforms acquired Block Mining, Inc., a vertically integrated Bitcoin mining company, for a total consideration of approximately $92.5 million (with an additional earn-out of up to $32.5 million) to boost its self-mining hash rate by adding operational capacity up to 155 MW and expand geographically into Kentucky, enhancing its operational footprint and strategic positioning. |
Whinstone US, Inc. | 2021 | Riot Blockchain acquired Whinstone US, Inc. for around $460 million—including $80 million in cash, 11.8 million shares of common stock, and potential additional payments up to $86 million—to gain control of North America’s largest Bitcoin mining facility in Rockdale, Texas, and to expand its capacity from 300 MW to 750 MW while diversifying its revenue streams. |
ESS Metron, LLC | 2021 | Riot Blockchain acquired ESS Metron, LLC for about $50 million, consisting of $25 million in cash and 715,413 shares of Riot common stock, to secure advanced electrical equipment solutions for Bitcoin mining, enhance its engineering capabilities for projects such as a 200 MW immersion-cooling expansion, and improve overall operational efficiencies. |
Recent press releases and 8-K filings for RIOT.
- Riot Platforms produced 484 Bitcoin in July 2025, an 8% increase compared to June 2025.
- The company sold 475 Bitcoin in July 2025, generating $54.8 million in net proceeds, which is a 32% increase in net proceeds from Bitcoin sales month-over-month.
- Total power credits for July 2025 were $13.9 million, a 160% increase from June 2025, contributing to an all-in power cost of 2.8c/kWh.
- Riot acquired an additional 238 acres near its Corsicana, TX operations, bringing its total land ownership in Corsicana to 858 acres for future data center development.
- Riot Platforms is strategically transforming its business to focus on developing a high-performance compute data center segment, aiming to maximize the value of its power portfolio by progressively shifting capacity from Bitcoin mining to data centers. This initiative is the company's top priority.
- The company reported strong financial results for Q2 2025, with Bitcoin mining revenue of $140.9 million and a gross profit of $71 million (50% margin). Its Bitcoin mining business achieved a run rate EBITDA of $45.6 million, representing a 32% margin.
- Riot maintains a robust financial position, ending Q2 2025 with over 19,000 Bitcoin and $330 million in cash, providing $2.4 billion in liquidity to fund its strategic growth initiatives.
- Key progress in the data center strategy includes the hiring of Jonathan Gibbs as Chief Data Center Officer and the expansion of its Corsicana site footprint to 858 acres for future development. The basis of design for data centers is expected to be completed by the end of Q3 2025.
- Riot is raising its Q4 2025 hash rate forecast to 40 ExaHash and providing an initial Q1 2026 forecast of 45 ExaHash, reflecting continued operational growth in mining alongside the data center pivot.
- Riot Platforms produced 450 Bitcoin in June 2025.
- The company sold 397 Bitcoin in June 2025, generating $41.7 million in net proceeds at an average net price of $105,071 per Bitcoin.
- Riot's total deployed hash rate was 35.5 EH/s, with an average operating hash rate of 29.8 EH/s for June 2025.
- Total power credits for June 2025 amounted to $5.6 million, including $3.8 million from power curtailment and $1.8 million from demand response credits.
- The company's power strategy, which includes economic curtailment and voluntary participation in ERCOT's Four Coincident Peak (4CP) program and other demand response programs, significantly contributes to grid stability while enhancing Riot's competitive positioning.
- Riot Platforms, Inc. entered into an amended and restated credit agreement with Coinbase Credit, Inc., increasing the aggregate principal from $100 million to $200 million.
- The agreement extends the availability period to three months, increases permitted borrowings from three to four, and introduces a one-time 1.00% upsize fee of $1 million payable on the effective date.
- The loan matures 364 days from the original signing date, with provisions allowing a potential extension upon a timely request.
- Riot Platforms Inc has increased its existing $100 million credit facility to a total of $200 million with Coinbase Credit, Inc. to support strategic initiatives and general corporate purposes.
- The Upsized Credit Facility maintains identical terms, including an interest rate calculated as the greater of the federal funds rate – upper limit (4.50%) or 3.25%, plus 4.50%, with a 364-day maturity and potential extension, and is secured by a portion of the company's bitcoin holdings.
- 463 Bitcoin produced in April 2025, reflecting a 13% decrease MoM and 23% increase YoY, as the network faced two difficulty adjustments.
- The company acquired tangible assets from Rhodium, including 125 MW of power capacity, and ended its bitcoin mining hosting arrangements by resolving outstanding litigation.
- Riot sold its monthly Bitcoin production, generating $38.8 million in net proceeds to fund ongoing growth and lower equity dilution.
- Record Revenue & Growth: Achieved $161.4 million in Q1 2025 revenue—more than doubling from $79.3 million last year—with a gross profit of $73.6 million and a net loss of $296.4 million due to mark-to-market Bitcoin adjustments .
- Robust Bitcoin Production: Produced 1,530 BTC while improving the self-mining hash rate from 31.5 to 33.7 EH/s (7% increase) and maintaining mining uptime over 88% .
- Strategic Acquisition: Finalized the acquisition of Rhodium’s mining operations in a $185 million transaction, eliminating nearly $15 million in operating losses and repurposing 125 MW of power capacity to address litigation .
- Capital Investments & Data Center Expansion: Invested $48.9 million in Q1 CapEx with a forecast of $155.8 million for Q2–Q4 2025, while advancing the AI/HPC data center initiative at the Corsicana Facility through feasibility studies, infrastructure expansion, and land acquisitions .
- Mining Cost Efficiency: Maintained an average mining cost of $43,808 per bitcoin to drive operational efficiency .
- Riot Platforms Inc. closed a $185.0 million transaction to acquire specific assets from Rhodium at the Rockdale Facility, combining $129.9 million in cash, a $6.1 million return of the power security deposit, and 6,989,800 shares of common stock at $7.01 per share.
- The acquisition terminates the legacy hosting contracts with Rhodium, which had generated a $15 million gross loss in FY 2024, and enables Riot to assume 125 MW of power capacity fully dedicated to its operations.
- Riot Platforms, Inc. entered into a credit agreement with Coinbase Credit, Inc. on April 22, 2025, establishing a secured term loan facility with an aggregate commitment of $100,000,000.
- The facility permits up to three drawdowns during a defined availability period, with the loan bearing interest at the greater of the federal funds rate (upper limit) or 3.25% plus an additional 4.50% margin, alongside an upfront fee of $1,000,000 on the initial drawdown.
- The agreement details prepayment conditions, including mandatory full repayment upon specific events such as margin calls triggered by LTV breaches, and outlines various events of default.
- Riot Platforms, Inc. filed an 8-K on April 24, 2025 to register the resale of 8,200,000 shares of common stock as part of its transaction involving the acquisition of assets from Rhodium Encore LLC and dispute settlement.
- The shares will be issued to the selling stockholder, Rhodium 2.0 LLC, upon execution of the purchase and sale agreement related to the transaction.
- An opinion issued by Womble Bond Dickinson (US) LLP confirms that the shares are duly authorized, validly issued, fully paid, and nonassessable.