Riot Platforms Posts Record $647 Million in 2025 Revenue on Bitcoin Mining Growth

Riot Platforms is a major U.S. Bitcoin miner whose operating performance is shaped by Bitcoin prices, mining difficulty and electricity costs. Since the Bitcoin halving, miners have relied more heavily on expanding hash rate, securing power credits and selling reserves to maintain cash flow. Riot is also developing its data center business to reduce volatility from its reliance on mining revenue.

Riot generated $167 million in revenue in the first quarter of 2026, including $33 million from its data center business. It produced 1,473 Bitcoin and sold 3,778 for $289 million. Bitcoin holdings at the end of the quarter fell 18% year on year to 15,680, while total hash rate rose 26% to 42.5 EH/s. Power credits also helped lower operating costs.

Riot Platforms was primarily a Bitcoin mining company, but amid cryptocurrency price volatility, pressure on mining revenue and energy costs, it is redirecting its existing power assets toward AI and high-performance computing infrastructure. Its $200 million credit facility with Coinbase Credit is an important financing tool for funding the transition and providing working capital.

Riot Platforms recently amended the $200 million credit agreement, replacing its floating interest rate with a fixed rate and extending the maturity by one year to reduce uncertainty over financing costs. The company's Bitcoin holdings have fallen by about 4,000 tokens, from roughly 19,000 at the start of the year to around 15,000. It could sell more if Bitcoin prices remain weak.