Key Takeaways
- Riot Platforms sold 10,599 BTC for $751.5 million in Q3, bringing its 2026 sales to 20,264 BTC worth nearly $1.5 billion, as it shifts capital toward AI and data center infrastructure.
- Hut 8 sold 954 BTC for $74.8 million in Q3 to fund share buybacks, followed by another 2,148 BTC for $175.4 million in October, totaling approximately $250 million in sales across both periods.
- Both miners reported mixed quarterly results: Riot generated $181.4 million in revenue and $4 million in net income, while Hut 8 posted $71.1 million in revenue and $131.1 million in net income, with both advancing major AI infrastructure projects.
Bitcoin Miners Part With Holdings
Riot sold 10,599 BTC for approximately $751.5 million during the three months ended Sept. 30, accounting for more than half of the 20,264 BTC it has sold so far this year. The company generated nearly $1.5 billion from those sales over the first nine months of 2026, dramatically reducing its bitcoin reserves as it builds infrastructure for artificial intelligence computing.
The third-quarter sales accelerated from 5,887 BTC sold for approximately $443 million in the second quarter and 3,778 BTC sold for $289.5 million in the first quarter. Riot ended September holding just 2,418 BTC, down from 18,005 BTC at the beginning of the year.
Hut 8, meanwhile, sold approximately 954 BTC for $74.8 million during the third quarter to finance stock repurchases. The company subsequently sold another 2,148 BTC for $175.4 million in October, bringing its combined sales across the two periods to 3,102 BTC worth approximately $250.2 million.
Unlike Riot, Hut 8 did not report comparable cash bitcoin sales during the first two quarters of 2026. Its earlier digital asset activity included bitcoin purchases and transfers to settle mining equipment obligations.
The two companies’ sales underscore differing strategies for deploying their cryptocurrency reserves, with Riot directing proceeds toward infrastructure development while Hut 8 uses bitcoin holdings to return capital to shareholders.
Riot reported third-quarter revenue of $181.4 million, up 1% from $180.2 million a year earlier. Bitcoin mining revenue declined to $116 million from $160.8 million, despite production increasing 16% to 1,637 BTC. Revenue from data centers reached $18.4 million, while engineering revenue climbed to $47 million.
The company posted net income of approximately $4 million, compared with $104.5 million a year earlier. It ended September with $950.2 million in cash and bitcoin, and said it had not raised equity capital during 2026.
Next Moves for Riot, Hut 8
Riot also announced a 15-year lease covering 910 megawatts of computing capacity at its Corsicana, Texas, facility, valued at approximately $28 billion over the initial term. Including other agreements, the company now has approximately $38 billion in contracted data center revenue.
Hut 8 reported third-quarter revenue of $71.1 million, down from $83.5 million a year earlier, while net income attributable to the company increased to $131.1 million from $50.1 million. Its quarterly results benefited from a substantial noncash gain related to the rising value of its digital assets.
The company reported holding 16,787 BTC across its consolidated operations at the end of September, valued at approximately $1.4 billion, including holdings associated with its majority-owned, Trump family-backed American Bitcoin subsidiary.
Hut 8 also highlighted progress on its AI infrastructure expansion, including the commercialization of its Beacon Point campus and the advancement of 1,300 megawatts of energy capacity into exclusive development discussions. It secured a $1.07 billion revolving credit facility and expanded its stock repurchase authorization to $1 billion following the quarter’s end.
Riot’s quarterly filing indicates that its bitcoin sales may continue. The company said it expects to sell substantially all newly mined bitcoin to finance development and operating expenses rather than rebuild a sizable cryptocurrency treasury.
The firms have seen vastly different market reactions to their respective earnings reports on Wednesday, with Riot (RIOT) shares rising over12% to recently trade at $15.75, while Hut 8 (HUT) shares have plunged more than 21% to a recent price of $50.06.
