Bitcoin Miner Riot Platforms Dumped Nearly $200 Million in BTC

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]