Core Insights - Riot Platforms sold 2,201 BTC in November and December, generating nearly $200 million in net proceeds, and ended the year with 18,005 BTC valued at approximately $1.65 billion, ranking among the top 10 publicly traded BTC holders [1] - The company's BTC holdings decreased by over 1,300 BTC from October's balance of 19,324 BTC, but were only 293 BTC higher than the previous year's ending balance [2] - The sales are part of Riot's strategy to fund its transition towards artificial intelligence, with plans to utilize proceeds for growth and operations, particularly in data center development [3] Company Strategy - Riot Platforms is adopting a "power-first strategy," viewing BTC mining as a means to monetize its power portfolio ahead of data center development [3] - The firm aims to convert its power generation capacity fully to data center use, indicating a significant shift in its operational focus [3] - Other publicly traded Bitcoin miners are also diversifying into data center operations to support AI and cloud technologies, reflecting a broader industry trend [4] Market Performance - Shares of Riot Platforms increased by 1.3% on the trading day and have risen over 23% in the last six months, trading at $14.98 [6] - Bitcoin's price has seen a nearly 6% increase over the past week, recently trading at $92,773 [6]

Core Insights - Riot mined 460 bitcoin in December 2025, achieving a 337% increase in net proceeds from Bitcoin sales compared to November 2025, with net proceeds totaling $161.6 million from the sale of 1,818 Bitcoin [1] - The company is transitioning to a quarterly reporting schedule, marking the final monthly operational update [1] Financial Performance - Riot's deployed hash rate increased to 38.5 EH/s in December, a 5% rise from 36.6 EH/s in November, with a fleet efficiency of 20.2 J/TH [2] - The company held 18,005 Bitcoin at the end of 2025, which includes 3,977 restricted Bitcoin, reflecting a 7% decrease from the previous month due to sales in December [2] - Riot earned $6.2 million in power credits in December, marking a 171% increase compared to November [2] Executive Changes - Significant executive changes were announced, including the appointment of Jason Chung as the new chief financial officer [3] - The company increased the base salaries for its CEO and executive chairman while removing a base compensation perk of 10 BTC for both executives [3] Equity Offering and Analyst Ratings - Riot established a new at-the-market equity offering for $500 million on December 31, 2026 [4] - JP Morgan issued an overweight rating for Riot on December 18, setting a price target of $20, and projected that Riot could sign a 600 megawatt colocation deal by the end of 2026 [4]

Core Insights - Riot Platforms, Inc. produced 460 Bitcoin in December 2025, marking an 8% increase from November 2025 but an 11% decrease compared to December 2024 [1][2] - The company will transition from monthly production updates to quarterly updates, focusing on overall business performance and data center strategy [4] Production Metrics - Bitcoin Produced: 460 in December 2025, up from 428 in November 2025, down from 516 in December 2024 [2] - Average Bitcoin Produced per Day: 14.8 in December 2025, up from 14.3 in November 2025, down from 16.6 in December 2024 [2] - Bitcoin Held: 18,005 at the end of December 2025, down 7% from November 2025 but up 2% from December 2024 [2] - Bitcoin Sold: 1,818 in December 2025, a significant increase of 375% from 383 in November 2025 [2] - Bitcoin Sales - Net: $161.6 million in December 2025, a 337% increase from $37.0 million in November 2025 [2] Financial Metrics - Average Net Price per Bitcoin Sold: $88,870 in December 2025, down 8% from $96,560 in November 2025 [2] - Total Power Credits: $6.2 million in December 2025, a 171% increase from $2.3 million in November 2025 [2] - All-in Power Cost - Total: 3.9 cents per kWh in December 2025, a slight decrease of 1% from 4.0 cents per kWh in November 2025 [2] Operational Metrics - Deployed Hash Rate: 38.5 E+H/s in December 2025, up 5% from 36.6 E+H/s in November 2025 [2] - Average Operating Hash Rate: 34.9 E+H/s in December 2025, a marginal increase of 1% from 34.6 E+H/s in November 2025 [2] - Fleet Efficiency: 20.2 J/TH in December 2025, down 1% from 20.5 J/TH in November 2025 [2] Company Overview - Riot is a leader in the Bitcoin-driven industry, focusing on large-scale data centers and Bitcoin mining applications [9] - The company operates Bitcoin mining facilities in Texas and Kentucky and is expanding into data center development [9] - Riot's mission is to empower the future of digital infrastructure, aiming for best-in-class execution and successful outcomes [8]

Group 1 - Riot Platforms has appointed Jason Chung as CFO effective March 1, succeeding Colin Yee, who will transition to a senior advisor role [4][7] - Chung's base salary will increase from $500,000 to $550,000 upon his promotion, reflecting the company's commitment to its strategic focus [4][5] - The company is pivoting to expand beyond bitcoin mining, focusing on building AI data centers as part of its growth strategy [4][7] Group 2 - Riot's compensation committee has updated its long-term incentive plan for 2026 to align executive compensation with the company's focus on data center development [5] - The company has eliminated the "bitcoin yield" metric from its long-term incentive plan, indicating a shift in key performance indicators [6] - New performance metrics related to data center revenue and net operating income will be introduced once a data center tenant is secured [6]

Leadership Transition - Riot Platforms has appointed Jason Chung as CFO, effective March 1, 2026, succeeding Colin Yee, who will transition to a senior advisor role until January 1, 2028 [1][3] - Yee will receive an annual base fee of $500,000 for the first twelve months post-transition, adjusting to $20,000 monthly thereafter, along with $2,000,000 in service-based restricted stock units [2] Executive Compensation Adjustments - Chung's annual base salary has been increased from $500,000 to $550,000, while COO Stephen Howell's salary rose from $400,000 to $500,000 [4] - CEO Jason Les and Executive Chairman Benjamin Yi's annual base salaries have increased from $600,000 to $900,000, with their target award level under the annual incentive plan rising from 100% to 125% [5] Changes to Incentive Plans - Riot has restructured its 2026 annual incentive plan to focus on digital infrastructure, removing the bitcoin yield metric and introducing data center revenue and net operating income as key performance metrics [6] - The new data center metrics will each carry a 15% weighting in performance evaluations, with payouts ranging from 0% to a maximum of 200% based on achievement [6]

Group 1 - Bank OZK raised its quarterly dividend from 45 cents to 46 cents per share, resulting in a 0.1% increase in shares to $47.10 in after-hours trading [2] - Photronics, Inc. announced that Dr. Christopher Progler will step down as Executive Vice President and Chief Technology Officer, leading to a 1.5% rise in shares to $33.90 in after-hours trading [2] - GH Research PLC shares surged 22.4% to $16.20 in after-hours trading following the announcement of an update on its FDA IND status and Phase 3 program for GH001 in treatment-resistant depression [2] - Riot Platforms Inc appointed Jason Chung as chief financial officer effective March 1, 2026, with shares rising 1% to $14.30 in after-hours trading [2] - NextEra Energy Inc expects adjusted earnings of $3.62 to $3.70 per share for 2025 and between $3.92 and $4.02 per share for 2026, with a projected compound annual growth in adjusted EPS of at least 8% annually through 2032 [2]

Core Viewpoint - Riot Platforms, Inc. has appointed Jason Chung as the new Chief Financial Officer, effective March 1, 2026, succeeding Colin Yee, who will transition to a Senior Advisor role to ensure continuity [1][2]. Group 1: Leadership Transition - Jason Chung, currently the EVP, Head of Corporate Development & Strategy, will take over as CFO, bringing two decades of experience in investment banking and corporate finance [3]. - Colin Yee will continue in his role until March 1, 2026, after which he will support the company in a Senior Advisor capacity [2][4]. Group 2: Strategic Alignment - Chung's appointment is aimed at aligning Riot's financial framework with its long-term strategic objectives, as he will lead the finance organization while overseeing Corporate Development and Investor Relations [3][5]. - The consolidation of finance and strategy functions under Chung is expected to enhance Riot's ability to execute its ambitious growth plans [5]. Group 3: Company Overview - Riot Platforms, Inc. is a leader in the Bitcoin-driven industry, focusing on large-scale data centers and bitcoin mining applications [7]. - The company operates mining facilities in central Texas and Kentucky and is expanding into data center development to support high-density computing demands [7].

Core Viewpoint - Riot Platforms has initiated a $500 million at-the-market offering, replacing a previous equity sale agreement established in August 2024 [1] Group 1: Financial Developments - The new $500 million facility allows Riot discretion over the timing and volume of sales [1] - Prior to the cancellation of the 2024 agreement, Riot sold approximately $600.5 million worth of stock, with about $149.5 million in unsold capacity remaining [2] Group 2: Market Projections - Institutional analysts project growth for Riot's infrastructure, with J.P. Morgan forecasting a "45% upside" for Riot shares through 2026 [2] - Analysts expect the company to sign a "600 MW colocation deal" at its Corsicana site by the end of 2026 [2] Group 3: Operational Capacity - Riot owns 1.7 GW of power capacity across two large-scale sites in Texas, which are located in tier-1 markets, considered "rare" for the Bitcoin mining industry [3]

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Key Points New York City-based OnyxPoint Global Management initiated a position in Riot Platforms, buying up 232,206 shares during the third quarter. The shares were worth about $4.42 as of September 30. The Riot Platforms position is not among the fund’s top five holdings. These 10 stocks could mint the next wave of millionaires › On November 14, New York City-based OnyxPoint Global Management disclosed a new stake in Riot Platforms (NASDAQ:RIOT), acquiring 232,206 shares for an estimated $4.42 ...