Riot Platforms Announces $500M ATM Stock Offering, OnyxPoint Builds $4.4M Stake
Riot Platforms launched an at-the-market offering program to sell up to $500 million of its common stock through Nasdaq and other trading venues. New York City–based OnyxPoint Global Management acquired 232,206 Riot shares for a $4.42 million position, representing 2.38% of its reported U.S. equity holdings.
1. Riot Platforms Launches $500 Million ATM Offering Program
Riot Platforms Inc. has entered into a definitive agreement to establish an at-the-market equity program permitting sales of up to $500 million of common stock. According to the company’s SEC filing, designated sales agents may sell shares from time to time on the Nasdaq Capital Market or other approved trading venues at prevailing market prices. Proceeds raised under this program will bolster Riot’s balance sheet liquidity and support ongoing expansion of its large-scale bitcoin mining and power infrastructure projects in Texas and Kentucky.
2. Shares Underperform Broader Market Trends
In the most recent trading session, Riot Platforms’ shares declined by 3.9%, modestly lagging the broader indices. Volume on the Nasdaq Capital Market increased by 25% compared with its 30-day average, indicating elevated investor interest amid strategic announcements. Analysts note that the equity offering announcement, combined with sector-wide volatility in digital asset equities, likely contributed to short-term selling pressure despite the company’s strong operational footing.
3. OnyxPoint Global Management Initiates $4.4 Million Position
New York City-based OnyxPoint Global Management disclosed a new stake in Riot Platforms during the third quarter, acquiring 232,206 shares for a position valued at approximately $4.4 million as of September 30. This investment represents roughly 2.4% of OnyxPoint’s $185.6 million in reportable U.S. equity holdings. The timing of the purchase coincides with improvements in Riot’s financial performance, signaling institutional confidence in the company’s pivot toward infrastructure-driven growth and balance sheet strength.
4. Q3 Financial and Operational Highlights Demonstrate Scale
In the third quarter, Riot reported record revenue of $180.2 million and net income of $104.5 million, reversing a prior-year loss of $154.4 million. Adjusted EBITDA reached $197.2 million, driven by both higher bitcoin realizations and operating leverage across its mining fleet. During the period, the company mined 1,406 bitcoin at an average cash cost of $46,324 per coin, while earning power curtailment credits that materially lowered energy expenses. Riot exited the quarter holding 19,287 bitcoin and $330.7 million in unrestricted cash, providing significant financial flexibility to advance its 112-megawatt data center development at the Corsicana campus and other infrastructure initiatives.