Riot Platforms Inc. has entered into a definitive agreement establishing an at-the-market offering program to raise up to $500 million of its common stock. Under the program, sales agents are authorized to sell shares from time to time on the Nasdaq Capital Market and other permitted trading venues at prevailing market prices. Proceeds from this offering are intended to bolster Riot’s balance sheet, support ongoing expansion of its mining and data center infrastructure, and provide flexibility to pursue strategic acquisitions or further vertical integration in power distribution and engineering services.

New York City–based OnyxPoint Global Management disclosed a new position in Riot Platforms, acquiring 232,206 shares during the third quarter for a market value of approximately $4.42 million as of September 30. This stake accounts for 2.38% of OnyxPoint’s $185.59 million in reportable U.S. equity holdings across eight positions. The investment comes as Riot’s fundamentals evolve from a pure bitcoin mining proxy to a diversified infrastructure business, highlighting growing institutional interest driven by operating scale, balance sheet strength, and energy‐focused optionality.

In the third quarter, Riot posted record revenue of $180.2 million and net income of $104.5 million, reversing last year’s $154.4 million loss for the same period. Adjusted EBITDA reached $197.2 million, reflecting genuine operating leverage beyond favorable bitcoin prices. The company mined 1,406 bitcoin at an average cash cost of $46,324 per coin, offset in part by power curtailment credits. Riot ended the quarter holding 19,287 bitcoin valued at roughly $2.2 billion alongside $330.7 million in unrestricted cash, providing rare financial flexibility to accelerate development of 112 megawatts of new data center capacity at its Corsicana campus.