Episode Details

Riot Platforms’ Q4 2025 earnings reveal a staggering strategic pivot, as skyrocketing mining costs force a lucrative transition into AI data center leasing.

In this episode:

• Why the cash cost to mine one Bitcoin surged past $60,000.

• Liquidating $96M in treasury Bitcoin to buy their physical real estate.

• How the new AMD lease yields 2.5x the profit of mining.

• Weaponizing internal supply chains to bypass global switchgear shortages.

Despite an implied $691M non-cash net loss driven by mark-to-market accounting on their crypto holdings, Riot is aggressively rewriting its corporate DNA. By leveraging their internally owned ESS Metron supply chain, they are leaping past global equipment bottlenecks to deliver turnkey data centers for top-tier credit tenants, proving that the ultimate bottleneck in AI right now isn't the chips—it’s the power supply.

Riot Platforms, Inc. (RIOT) | Q4 FY25

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