Riot Platforms has entered into a definitive agreement to sell up to $500 million of common stock through an at-the-market program. Under the terms filed with the U.S. Securities and Exchange Commission, designated sales agents may sell shares periodically on the Nasdaq Capital Market and other approved trading venues at prevailing market prices. Proceeds from the program are intended to support expansion of Riot’s data center capacity and to further strengthen the balance sheet, providing flexibility for both mining operations and upstream engineering projects.

In the third quarter, Riot reported record revenue of $180.2 million, compared with a $154.4 million loss in the same period last year. Net income surged to $104.5 million, reversing prior-year deficits, while adjusted EBITDA reached $197.2 million. The company mined 1,406 bitcoins at an average cash cost of $46,324 per coin, with power curtailment credits significantly offsetting energy expenses. Riot’s disciplined cost structure and operational leverage were key drivers of profitability, marking a shift from pure cryptocurrency exposure toward a more infrastructure-driven model.

New York City-based OnyxPoint Global Management initiated a position in Riot during the third quarter, acquiring 232,206 shares for a $4.42 million investment, representing 2.38% of the fund’s $185.6 million in reportable U.S. equity holdings. This move highlights growing institutional interest in Riot’s vertically integrated Bitcoin mining and power distribution business. OnyxPoint’s top five holdings span energy and infrastructure-adjacent names, and the Riot position aligns with the fund’s focus on assets offering both operational scale and asymmetric upside potential.

As of quarter-end, Riot held 19,287 bitcoins valued at approximately $2.2 billion, alongside $330.7 million in unrestricted cash. The company has broken ground on 112 megawatts of new capacity at its Corsicana campus, reinforcing its pivot toward large-scale data center development. Riot’s integrated model—combining mining operations, power distribution equipment manufacturing, and custom electrical engineering services—positions it to capitalize on institutional demand for digital-asset infrastructure and to sustain cost efficiencies as it scales.