Two large bitcoin miners, Riot Platforms and Hut 8, reported third-quarter results on Wednesday and confirmed they have been selling bitcoin for different purposes. Riot has disclosed sales of 20,264 BTC this year, worth roughly $1.5 billion, with proceeds funding data center construction and repaying a $200 million Coinbase credit line that freed all pledged coins. Riot is leasing its entire Corsicana, Texas campus for 15 years to an unnamed tenant described as a frontier AI lab, a contract valued at about $28 billion over the initial term. Hut 8 sold bitcoin to repurchase its own shares, retiring stock for $250 million, and its board later raised that authorization to $1 billion. Hut 8 shares fell 17% while Riot shares rose about 13%.
Why it matters: The moves show large miners steering bitcoin holdings toward AI data center leases and shareholder buybacks rather than simply holding the coins.
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