Riot and Hut 8 sell bitcoin to fund expansion and buybacks
BROBROK News · Based on reporting by Bitcoin Magazine ·
Riot Platforms and Hut 8 both disclosed bitcoin sales in their third-quarter updates, but for different purposes. Riot used proceeds for data center construction and debt repayment, while Hut 8 used sales to fund share repurchases.
Key points
- Riot sold 20,264 BTC this year and ended September with 2,418 BTC.
- Hut 8 sold 3,102 BTC since July to fund $250 million in buybacks.
- Riot said the sales helped pay for data center work and fully repay a $200 million Coinbase credit facility.
- Hut 8 raised its buyback authorization to $1 billion.
- Both miners are leaning more heavily into infrastructure and AI-linked contracts.
Why it matters
The reports show bitcoin miners using balance-sheet BTC as a funding source rather than only holding it. They also highlight how miners are shifting toward data centers, AI infrastructure, and capital allocation strategies beyond mining output.
Original headline: “Riot (RIOT) and Hut 8 (HUT) Sell Thousands of Bitcoin to Fund AI Ventures, Share Buybacks”
Read the original on Bitcoin Magazine
Summary and analysis written by BROBROK News from the original report. Read the full story on the source website. Not investment advice.