Riot Platforms Sells $250-290 Million in Bitcoin During Q1 2026

Riot Platforms sold 3,778 Bitcoin worth $250-290 million during Q1 2026 at an average price above $76,000, representing more than 2.5 times its quarterly production, as the Colorado-based mining company pivots toward AI infrastructure. The sales follow previous liquidations of nearly $200 million in November-December 2025, leaving Riot with 15,680 BTC valued at approximately $1.04 billion. CEO Jason Les positions the move as strategic funding to transform the company's nearly two-gigawatt power portfolio from Bitcoin mining to data centers serving AI and high-performance computing needs. The pivot reflects broader industry trends, with rivals like MARA selling $1.1 billion in Bitcoin and Bitfarms completely detaching from cryptocurrency, while activist investor Starboard Value estimates the AI opportunity could boost Riot's valuation by $21 billion.

Riot Platforms' Bitcoin Sales in Q1 2026

• ▪Riot Platforms sold Bitcoin in consecutive quarters, including sales during November and December 2025
• ▪Riot Platforms held 15,680 Bitcoin at the end of Q1 2026, valued at approximately $1.04 billion
• ▪Riot Platforms netted nearly $200 million in proceeds from Bitcoin sales during November and December 2025
• ▪Riot Platforms sold more than $250 million worth of Bitcoin during the first quarter of 2026
• ▪Riot Platforms sold 3,778 Bitcoin at an average price of more than $76,000 during Q1 2026

Strategic Pivot from Bitcoin Mining to AI Infrastructure

• ▪Riot Platforms' ongoing operations are focused on AI and high-performance computing needs
• ▪Riot Platforms' Bitcoin sales in early 2025 were designed to fund ongoing growth and operations

Industry-Wide Shift Among Bitcoin Miners to AI

• ▪MARA sold $1.1 billion in Bitcoin to help fuel its pivot into AI

Market Performance and Investor Pressure

• ▪Starboard Value estimated the AI opportunity could be worth as much as a $21 billion boost to Riot Platforms' valuation
• ▪Riot Platforms shares have declined more than 33% in the last six months
• ▪Bitcoin has declined 47% from its all-time high of $126,080
• ▪Activist investor Starboard Value suggested Riot Platforms requires a renewed sense of urgency to fully capitalize on the AI opportunity
• ▪Riot Platforms shares finished up 2.47% on Thursday, trading at $12.86

Perspective of Starboard Value

• ▪Starboard Value estimates Riot Platforms' AI pivot could add up to $21 billion to the company's valuation
• ▪Starboard Value believes Riot Platforms needs a renewed sense of urgency to capitalize on AI opportunities