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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.
| 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?
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, 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.
- Riot Platforms Inc. has secured a $100 million credit facility with Coinbase Credit, Inc. available over a two-month period.
- The credit facility features an interest rate calculated as the greater of a 3.25% baseline or the federal funds rate (upper limit at 4.50%) plus 4.50%, with a maturity of 364 days and potential extension.
- Proceeds from the facility will be used to support key strategic initiatives and for general corporate purposes.
- Riot Platforms Inc. produced 533 Bitcoin in March 2025, achieving a new post-halving production high and marking a significant operational milestone.
- The company reported robust technical metrics, including an average production of 17.2 Bitcoin per day, a deployed hash rate of 33.7 EH/s, and an average operating hash rate of 30.3 EH/s.
- A feasibility study by Altman Solon identified the Corsicana Facility’s potential to support AI/HPC uses, citing 1.0 GW of secured power and key site advantages.
- Riot Platforms, Inc. announced a non-binding term sheet proposing the acquisition of specific assets from Rhodium Encore LLC at its Rockdale Facility, with Whinstone US, Inc. (a Riot subsidiary) acting on the proposed transaction.
- The proposed deal involves $185 million total consideration, including $129.9 million in cash, $6.1 million as a return of Rhodium’s power security deposit, and $49.0 million in Riot shares, subject to definitive agreements and bankruptcy court approval.
- As part of the settlement, Rhodium will transfer all tangible property, including ASIC miners, and vacate the facility, thereby allowing Riot to assume Rhodium’s 125 MW power capacity and settle all related litigation.