Riot Platforms (RIOT), a publicly traded Bitcoin mining firm that operates large-scale data centers, increased its Bitcoin sales at the end of the year, selling 1,818 BTC ($161.6 million) and 383 BTC ($37 million) in November. As a result, Riot’s Bitcoin holdings decreased to 18,005 BTC by the end of 2025.
While Bitcoin miners sell coins for various reasons, Matthew Sigel, head of digital assets research at VanEck, speculated that financing for the company’s AI development might be a factor. He pointed out that the amount sold corresponds to “approximately the total capex Riot has forecasted for the initial 112 MW core/shell construction at Corsicana, which is set to be completed in Q1 2027. In effect, one winter of BTC sales fulfills the funding for Phase 1 of the AI data center transition.”
Sigel further emphasized that the AI sector and Bitcoin are becoming more interconnected, asserting that miners have become some of the largest marginal sellers of BTC as they finance AI-related capex, particularly when lending conditions become stricter. This trend may contribute to Bitcoin’s downturn during 2025.
On Tuesday, Riot shares fell by 2%, coinciding with a 1.2% decline in the price of Bitcoin to $92,500.
