Riot Platforms, Inc.

Riot Platforms, Inc. (NASDAQ: RIOT) is a vertically integrated digital infrastructure company principally engaged in developing and optimizing large-scale power assets for bitcoin mining and data center operations. The company operates two reportable business segments: Bitcoin Mining and Engineering.

The Bitcoin Mining segment focuses on maximizing mining capacity by growing hash rate and deploying application-specific integrated circuit miners at scale across the company's facilities. As of December 31, 2025, Riot maintained a total deployed hash rate of 38.5 exahash per second and mined 5,686 bitcoin during the year. The company operates three major facilities: the Rockdale Facility in Texas with 700 megawatts of developed capacity, the Corsicana Facility in Navarro County, Texas with 400 megawatts of current capacity and expected expansion to one gigawatt, and the Kentucky Facility with approximately 137 megawatts of developed capacity acquired through the Block Mining acquisition in 2024. Riot utilizes both air-cooled and immersion-cooled mining environments to optimize efficiency and has secured long-term miner supply agreements with MicroBT.

The Engineering segment designs and manufactures power-distribution equipment and engineered electrical products, supporting vertical integration by enabling internal development of critical infrastructure for site expansion. This segment also provides services to industrial and governmental customers across data center, power generation, utility, and alternative energy markets.

In 2025, Riot began actively developing data center leasing services to diversify revenue streams beyond bitcoin mining. The company announced a strategic land acquisition of the Rockdale Facility and executed a long-term data center lease agreement with Advanced Micro Devices, Inc. for 25 megawatts of capacity with expansion options.

Riot maintains bitcoin holdings in cold storage with institutional custodians NYDIG and Coinbase. The company employs approximately 816 employees across engineering, construction, manufacturing, mining operations, and administrative functions, with operations primarily located in Texas, Colorado, and Kentucky. The company's competitive advantages include substantial energy portfolio concentration in the Dallas-Austin corridor, strong financial position, low-cost power resources, and vertical integration in electrical infrastructure and engineering.