bitcoin
Riot shares surge on $28B AI lease as Hut 8 sinks on revenue miss
Bitcoin miner Riot sold BTC to finance its AI expansion, while Hut 8 reported falling revenue and rising costs before its major data center leases generate income.
Reported by 2 outlets · CoinTelegraph · bitcoinmagazine.com
Bitcoin Magazine Riot (RIOT) and Hut 8 (HUT) Sell Thousands of Bitcoin to Fund AI Ventures, Share Buybacks Two of the largest public bitcoin miners reported third-quarter results on Wednesday, and both used the occasion to confirm they have been selling the asset they were built to accumulate. Riot Platforms has sold 20,264 BTC this year for about $1.5 billion, and Hut 8 has sold 3,102 BTC since July to fund $250 million in share repurchases. Riot is paying for data center construction; Hut 8 is buying back its own stock.
Riot ended September with 2,418 BTC, worth about $202 million at the quarter-end price of $83,554. It held 18,005 at the start of the year. Hut 8 reported about 16,787 BTC across the parent and its majority-owned American Bitcoin on Sept.
30, worth $1.4 billion, of which $697.4 million was attributable to Hut 8 itself, before October sales reduced the parent's share. Riot: the treasury becomes a construction budget Riot's selling has been steady all year.
