https://t.co/74AffdasJLStrategy (@Strategy):Strategy has acquired 21,021 BTC for ~$2.46 billion at ~$117,256 per bitcoin and has achieved BTC Yield of 25.0% YTD 2025. As of 7/29/2025, we hodl 628,791 $BTC acquired for ~$46.08 billion at ~$73,277 per bitcoin. $MSTR $STRK $STRF $STRD $STRChttps://t.co/4ZOiW4q8Bq ...

Financial & Operational Highlights - Revenue increased 64% YoY to $238 million[9], marking the highest revenue quarter in the company's history[13] - Adjusted EBITDA increased 1,093% YoY to $12 billion[9], reaching an all-time quarter high[13] - Net income reached $808 million, or $184 per share, a significant increase from a loss of $200 million, or $072 per share, in the previous year[9] - Bitcoin holdings increased 170% YoY to 49,951 BTC[9] - The company's liquidity, including cash and BTC holdings, was approximately $54 billion at the end of Q2 2025, with an additional $950 million raised subsequently[9] Production & Efficiency - Energized hashrate increased 82% YoY to 574 EH/s[9] - Bitcoin production increased 15% YoY to 2,358 BTC, primarily due to the halving in April 2024[9] - Fleet efficiency improved to 183 J/TH due to the S21 Pro roll-out[13] - Purchased energy cost per BTC was $337K, believed to be among the lowest in the sector[13] Strategic Partnerships - Partnered with Pado AI Orchestration (LG-backed) to co-develop next-gen data center power management solutions[13] - Partnered with Google-backed TAE Power Solutions to build modular, high-frequency load management systems for hyperscale energy demands[13] - Expanded partnership with Two Prime through a minority investment and allocated 2,000 BTC to their asset management platform[13]

Financial Data and Key Metrics Changes - Riot Platforms reported total revenue of $376.7 million for the full year 2024, a 34% increase from $280.7 million in 2023, primarily driven by higher Bitcoin prices [16] - Gross profit for 2024 was $147.6 million compared to $97.6 million in 2023 [16] - Net income for 2024 was $109.4 million or $0.40 per share, compared to a net loss of $49.5 million or $0.28 per share in 2023 [17] - Non-GAAP adjusted EBITDA for 2024 was $463.2 million, up from $214 million in 2023 [16] - Riot ended 2024 holding 17,722 Bitcoin, a 141% increase from 7,362 Bitcoin at the end of 2023 [16] Business Line Data and Key Metrics Changes - Riot increased its self-mining hash rate from 12.4 exahash to 31.5 exahash, representing a 154% increase in 2024 [13] - Bitcoin production in 2024 was 4,828 Bitcoin, a 20.7% decrease from 2023 due to the halving event [14] - The company achieved a nearly 40% Bitcoin yield in 2024, increasing Bitcoin holdings per million fully diluted shares from $31.8 million to $44.3 million [15] Market Data and Key Metrics Changes - The global Bitcoin network hash rate reached an all-time high of over 750 exahash by 2024 [5] - Bitcoin prices hit new all-time highs of $75,000 and then $100,000 during 2024 [7] Company Strategy and Development Direction - Riot's strategy includes retaining all mined Bitcoin to maximize shareholder value and increase Bitcoin yield [25] - The company is pursuing AI high-performance computing (HPC) opportunities, leveraging its power assets to meet the growing demand for energy in AI applications [29] - Riot plans to grow its Bitcoin mining hash rate by approximately 22% in 2025 while aggressively pursuing AI HPC opportunities [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand for power from hyperscalers and the strategic positioning of their facilities in Corsicana and Rockdale [32] - The company is focused on operational excellence and improving uptime, with expectations for significant growth in shareholder value [39] - Management highlighted the importance of maintaining a strong balance sheet and leveraging their Bitcoin holdings to capitalize on market opportunities [26] Other Important Information - Riot's engineering business generated $38.5 million in revenue in 2024, down from $64.3 million in 2023, primarily due to delays in a large manufacturing contract [23] - The acquisition of E4A Solutions for $52 million is expected to enhance Riot's engineering capabilities and reduce revenue volatility [20] Q&A Session Summary Question: Insights on HPC opportunity and power availability - Management indicated that power availability in 2025 and beyond is valuable, with significant demand for AI HPC expected [42][44] Question: Engagement with hyperscalers and project development - Management confirmed multiple tracks are being pursued simultaneously to maximize value from potential HPC transactions [46] Question: Land capacity for AI HPC developments - Management stated that Corsicana has ample land for expansion and is actively increasing its land portfolio [52] Question: Economic priorities for potential HPC deals - Management emphasized the importance of financing and blue-chip counterparties to maximize shareholder value in HPC projects [54] Question: Interest in Corsicana and Rockdale power capacity - Management noted that there is general interest from hyperscalers in their power assets, but specific requests have not yet been made [86] Question: Operational goals for Bitcoin mining in 2025 - Management aims to increase hash rate by approximately 22% in 2025, focusing on operational excellence [85] Question: Trends in operational expenses - Management acknowledged elevated G&A expenses due to one-time costs and expects to optimize cash SG&A moving forward [75]