{"id":247616,"date":"2026-11-04T15:17:29","date_gmt":"2026-11-04T15:17:29","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=247616"},"modified":"2026-11-04T15:17:29","modified_gmt":"2026-11-04T15:17:29","slug":"riot-riot-and-hut-8-hut-sell-thousands-of-bitcoin-to-fund-ai-ventures-share-buybacks","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=247616","title":{"rendered":"Riot (RIOT) and Hut 8 (HUT) Sell Thousands of Bitcoin to Fund AI Ventures, Share Buybacks\u00a0"},"content":{"rendered":"

Bitcoin Magazine<\/a><\/p>\n

Riot (RIOT) and Hut 8 (HUT) Sell Thousands of Bitcoin to Fund AI Ventures, Share Buybacks\u00a0<\/a><\/p>\n

<\/div>\n

Two of the largest public bitcoin miners reported third-quarter results on Wednesday, and both used the occasion to confirm they have been selling the asset they were built to accumulate.\u00a0<\/p>\n

Riot Platforms has sold 20,264 BTC this year for about $1.5 billion, and Hut 8 has sold 3,102 BTC since July to fund $250 million in share repurchases.<\/p>\n

The sales serve different ends. Riot is paying for data center construction; Hut 8 is buying back its own stock. Riot ended September with 2,418 BTC, worth<\/a> about $202 million at the quarter-end price of $83,554. It held 18,005 at the start of the year.\u00a0<\/p>\n

Hut 8 reported about 16,787 BTC across the parent and its majority-owned American Bitcoin on Sept. 30, worth $1.4 billion, of which $697.4 million was attributable to Hut 8 itself, before October sales reduced the parent\u2019s share.<\/p>\n

Riot: the treasury becomes a construction budget<\/h2>\n

Riot\u2019s selling has been steady all year. It sold 3,778 bitcoin<\/a> in the first quarter, about 2.5 times its production, then 4,300 in the second and a further 12,186 in the third. The proceeds funded data center work and the full repayment of a $200 million Coinbase credit facility, which released all pledged coins. The company raised no equity in 2026.<\/p>\n

The reason arrived with the results. Riot signed a 15-year triple-net lease with an unnamed \u201cFrontier AI Lab\u201d for the whole of its Corsicana, Texas campus, 910 MW of critical IT capacity, worth about $28 billion over the initial term and $1.8 billion in average annual rent.<\/p>\n

Combined with its AMD contract and an earlier Rockdale lease with the same tenant, Riot has leased 1,151 MW for about $38 billion. CEO Jason Les put expected net operating income above $2 billion a year at full deployment, according to the company release.\u00a0<\/p>\n

The structure limits Riot\u2019s outlay. Capital cost is about $6 million per MW, half a typical Tier 3 build; Riot funds $2 million of that for site work and power, and the tenant covers the rest, to be reimbursed from non-recourse project debt after each phase is delivered. Delivery runs from September 2027 to July 2028.<\/p>\n

Mining continues in the background. Riot produced 1,637 BTC in the quarter at an average cost of $39,265 before depreciation, but mining revenue fell 28% to $116 million as the average price dropped to $70,855 from $114,361 a year earlier.\u00a0<\/p>\n

Total revenue was $181.4 million, flat year over year, with data center and engineering income filling the gap.<\/p>\n

Hut 8: bitcoin out, shares in<\/h2>\n

Hut 8\u2019s sales went to shareholders rather than contractors. It sold about 954 bitcoin for $74.8 million in the quarter and about 2,148 BTC for $175.4 million in October, retiring 3.3 million shares for a combined $250 million.\u00a0<\/p>\n

On Nov. 2 the board raised the repurchase authorization to $1 billion. CEO Asher Genoot said<\/a> shareholders \u201cnow own a larger share of a growing platform following share repurchases funded with Bitcoin from our balance sheet.\u201d<\/p>\n

The company says its data centers will not need that treasury. Hut 8 closed a $1.07 billion senior secured revolving credit facility, undrawn at quarter-end, and expects River Bend and Beacon Point to be financed at the project level without parent equity or recourse debt.\u00a0<\/p>\n

Beacon Point\u2019s tenant doubled its commitment with a second 352 MW lease, bringing contracted value across the campus to about $19.6 billion and across the portfolio to $26.6 billion.<\/p>\n

Hut 8 also agreed to buy two energized West Texas sites with up to 230 MW out of a Chapter 11 process for up to $180 million.<\/p>\n

The quarter\u2019s net income of $189.5 million rested on $413.8 million in gains on digital assets, most of them unrealized. Revenue fell to $71.1 million from $83.5 million as the company sold its traditional cloud business and shifted mining into American Bitcoin, the Trump-family-backed venture in which Hut 8 holds a majority stake. Adjusted EBITDA, which now excludes bitcoin mark-to-market, was $33 million.<\/p>\n

Hut 8\u2019s stock plunged 17% so far today while Riot\u2019s stock was up around 13%.\u00a0<\/p>\n

This post Riot (RIOT) and Hut 8 (HUT) Sell Thousands of Bitcoin to Fund AI Ventures, Share Buybacks\u00a0<\/a> first appeared on Bitcoin Magazine<\/a> and is written by Micah Zimmerman<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin Magazine Riot (RIOT) and Hut 8 (HUT) Sell Thousands of Bitcoin to Fund AI Ventures, Share Buybacks\u00a0 Two of the largest public bitcoin miners reported third-quarter results on Wednesday, and both used the occasion to confirm they have been selling the asset they were built to accumulate.\u00a0 Riot Platforms has sold 20,264 BTC this […]<\/p>\n","protected":false},"author":0,"featured_media":247617,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-247616","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/247616"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=247616"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/247616\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/247617"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=247616"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=247616"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=247616"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}