Riot Platforms Inc. has entered into a definitive agreement to establish an at-the-market (ATM) offering program allowing for the sale of up to $500 million of its common stock. Under the agreement filed with the U.S. Securities and Exchange Commission, sales agents may offer and sell shares from time to time through the Nasdaq Capital Market and other permitted trading venues at prevailing market prices. The company intends to use the net proceeds for general corporate purposes, including accelerating development of new data center infrastructure and enhancing working capital for its Bitcoin mining operations.

New York City–based OnyxPoint Global Management initiated a new position in Riot Platforms during the third quarter, acquiring 232,206 shares for approximately $4.42 million as of September 30. This investment represents 2.38% of OnyxPoint’s $185.59 million in reportable U.S. equity holdings across eight positions. The move underscores a shift in perception of Riot from a pure cryptocurrency play toward an infrastructure business with scalable operating leverage, complementing OnyxPoint’s focus on energy and industrial assets with asymmetric upside potential.

In Q3, Riot Platforms reported record revenue of $180.2 million and net income of $104.5 million, compared with a net loss of $154.4 million in the same period last year. Adjusted EBITDA reached $197.2 million, driven by higher Bitcoin market values and enhanced operational efficiency. During the quarter, the company mined 1,406 Bitcoin at an average cash cost of $46,324 per coin, with power curtailment credits helping to offset energy expenses. At quarter end, Riot held 19,287 Bitcoin on its balance sheet and maintained $330.7 million in unrestricted cash, providing significant financial flexibility for its planned expansion of 112 megawatts of data center capacity at the Corsicana campus.