Riot Platforms Moves 500 Bitcoin to NYDIG, Funding AI Pivot
Bitcoin miner Riot Platforms (RIOT) transferred 500 BTC (worth ~$39 million) to custody firm NYDIG on June 30, continuing a pattern of selling Bitcoin to fund its pivot into AI data centers. On-chain monitor Onchain Lens spotted the deposit, similar to a transfer tracked by Arkham in April. Riot has been selling far more Bitcoin than it mines: last quarter it sold 3,778 BTC for $289.5 million while mining only 1,473 coins, reducing its treasury to ~15,680 BTC (down 18% year-over-year). The sales are linked to Riot's AI strategy, including a $96 million land purchase at its Rockdale site funded by selling 1,080 BTC in January. That site now hosts a data center with tenant AMD under a 10-year lease worth ~$311 million, generating $33.2 million in first revenue. CEO Jason Les called Q1 2026 an inflection point as Riot transitions to a data center operator. The strategy is driven by thin mining margins post-halving and high production costs ($96,283 per BTC last quarter, exceeding Bitcoin's price). Riot abandoned its hold-only policy in 2025 and now sells routinely, betting on AI infrastructure as mining profitability declines.
Key facts
- Riot transferred 500 BTC (~$39M) to NYDIG on June 30.
- Riot sold 3,778 BTC last quarter while mining only 1,473.
- BTC holdings fell to ~15,680, down 18% year-over-year.
- Sales fund AI pivot: $96M land purchase and AMD lease.
- Mining cost $96,283 per BTC last quarter, above market price.