Riot Platforms Inc. has entered into a definitive agreement to launch an at-the-market (ATM) offering program of up to $500 million of its common stock. Under the program, sales agents may sell shares from time to time through the Nasdaq Capital Market and other permitted trading venues at prevailing market prices. Proceeds will be used to fund ongoing expansion of Riot’s data center infrastructure, support working capital needs and pursue strategic growth opportunities in power distribution and ancillary engineering services. The company retains flexibility to manage capital requirements while maintaining investment-grade financial metrics.

In the third quarter, Riot reported record revenue of $180.2 million and net income of $104.5 million, reversing a $154.4 million loss in the year-ago period. Adjusted EBITDA reached $197.2 million, driven by higher Bitcoin mining yields and improved cost discipline. Riot mined 1,406 Bitcoin units at an average cash cost of $46,324 per coin, with power curtailment credits providing meaningful offsets to energy expenses. At quarter end, the company held 19,287 Bitcoin on its balance sheet alongside $330.7 million in unrestricted cash, underscoring strong financial flexibility for ongoing expansion at its Texas and Kentucky facilities.

New York City-based OnyxPoint Global Management initiated a position in Riot Platforms during the third quarter, acquiring 232,206 shares for an estimated $4.42 million. The stake represents 2.38% of OnyxPoint’s $185.6 million in reportable U.S. equity holdings. The investment coincides with Riot’s transformation from a pure cryptocurrency play into a vertically integrated infrastructure business, leveraging custom power distribution equipment and large-scale data center design. Riot has already commenced construction on 112 megawatts of capacity at its Corsicana campus, signaling ambitions to diversify revenue streams beyond mining operations.