Riot Platforms, a publicly traded Bitcoin mining firm, offered practically $200 million value of Bitcoin within the final two months of 2025 to shut the yr with a stability of 18,005 BTC. Matthew Sigel, the pinnacle of digital asset analysis at VanEck, advised 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 roughly $37 million and 1,818 BTC in December for roughly $161.6 million, an 8% enhance MoM. The overall BTC gross sales over the 2 months amounted to roughly $198.6 million, which Sigel believes can cowl the complete capital expenditure (capex) Riot has put aside for the primary 112 MW information heart construct at Corsicana. Riot expects to finish the undertaking within the first quarter of 2027.
Sigel makes elevating AI capital look simple
The VanEck head of digital asset analysis made elevating capital for AI build-out tasks sound simple, teasing that only one winter of BTC gross sales is sufficient to fund section 1 of Riot’s information heart. Sigel beforehand said 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 accordance with Sigel, corporations like Riot have to promote much more BTC to fund rising capex when credit score situations 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 median of 14.3 BTC per day. The mining firm additionally produced 460 BTC in December 2025 at a median of 14.8 BTC per day, which was an 8% enhance MoM, and an 11% lower YoY. The typical web worth per BTC offered was $96,560 in November and $88,870 in December.
Jason Les, Riot’s CEO, mentioned earlier this yr that his firm has made a strategic choice to promote its month-to-month BTC manufacturing to fund ongoing AI-focused progress 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
In step 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 typical 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 common 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 ability credit elevated 549% YoY from December 2024’s $0.8 million.
However, demand response credit remained virtually the identical MoM at $1.3 million (+2%). Nonetheless, the YoY enhance was a bit vital, rising 64% from $0.8 million in December 2024.
In the meantime, Riot’s whole 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.
