Riot Platforms, a publicly traded Bitcoin mining company, sold approximately $200 million worth of Bitcoin in the last two months of 2025, ending the year with a balance of 18,005 BTC. Matthew Sigel, head of digital asset research at VanEck, suggested that the proceeds from the sale of BTC will be enough to start Riot’s 2026-2027 AI build.
According to a snapshot report shared by Sigel on social media, the company sold 383 BTC in November 2025 for approximately $37 million, and 1,818 BTC in December for approximately $161.6 million, an 8% month-on-month increase. Total BTC sales for the two-month period amounted to approximately $198.6 million, which Seigel believes will cover all of the capital expenditures (capex) Riot secured to build its first 112 MW data center in Corsicana. Riot expects the project to be completed in the first quarter of 2027.
Sigel makes raising AI capital look easy
VanEck Digital Assets Research Director says funding for AI construction projects is easy; teasing One winter’s worth of BTC sales will be enough to fund Phase 1 of Riot’s data center. Siegel has previously stated that there is a link between AI and Bitcoin, claiming that Bitcoin miners are one of the biggest sellers of BTC to fund AI projects.
According to Siegel, companies like Riot will need to sell more BTC to fund increased capital expenditures when credit conditions tighten. He noted that the correlation between BTC and Nasdaq has been increasing over the past few months.
Meanwhile, Riot generated 428 BTC in November 2025. This equates to an average of 14.3 BTC per day. The mining company also produced 460 BTC in December 2025 at an average of 14.8 BTC per day. This was an 8% month-over-month increase and an 11% year-over-year decrease. The average net price per BTC sold was $96,560 in November and $88,870 in December.
Riot CEO Jason Les said earlier this year that the company made the strategic decision to sell its monthly BTC production to fund continued growth and operations focused on AI. He added that the move will help reduce Riot’s reliance on equity financing and limit shareholder dilution.
Riot increases deployed hashrate by 5% month over month
In line with Riot’s strategic BTC production and sale to fund AI construction, miners increased Introduced hashrate increased by 5% month-on-month, rising slightly from 36.6 E+H/s in November to 38.5 E+H/s in December. The new hashrate is a 22% increase from 31.5 E+H/s in December 2024.
The average operating hashrate in November was 34.6 E+H/s and in December 2025 it was 34.9 E+H/s, an increase of only 1% month over month. Meanwhile, the average operating hashrate increased by 27% year-on-year from 27.4 E+H/s in December 2024.
Riot also benefited from a surge in power and demand response credits. Electricity credits increased from just $1 million in November to $4.9 million in December, representing a 381% month-over-month increase. Electricity credits increased 549% year over year from $800,000 in December 2024.
Demand response credits, on the other hand, were essentially flat month over month at $1.3 million (+2%). However, the year-over-year increase was slightly larger, increasing 64% from $800,000 in December 2024.
Meanwhile, Riot’s total power credits also increased 171% month over month from $2.3 million in November to $6.2 million in December, and 301% year over year from $1.5 million in December 2024. The company’s total electricity costs decreased 1% month over month to 3.9 cents per kilowatt hour (KW/h). Year-on-year fleet efficiency also showed an improvement of 20.2 J/TH.
