Riot rallies on $28B AI lease while Hut 8 falls on revenue miss
BROBROK News · Based on reporting by Cointelegraph ·
Riot Platforms rose after announcing a 15-year, $28 billion AI data center lease as it expands beyond Bitcoin mining. The company also reported nearly flat quarterly revenue and said it sold BTC to help fund the shift. Hut 8, meanwhile, dropped after missing revenue estimates and facing higher costs during its AI transition.
Key points
- Riot signed its largest deal yet: a $28 billion lease over 15 years.
- The agreement covers 910 megawatts at its Corsicana, Texas site.
- Riot said the project could be financed mostly with debt backed by lease payments, but funding is not secured yet.
- The company sold 10,599 BTC during the quarter to support expansion.
- Hut 8 reported a 15% drop in quarterly revenue and has not yet started earning lease revenue from its major AI projects.
Why it matters
Bitcoin miners are increasingly trying to turn power and land assets into long-term AI infrastructure businesses. The market reaction shows how investors are weighing that pivot against execution risk and near-term earnings pressure.
Original headline: “Riot shares surge on $28B AI lease as Hut 8 sinks on revenue miss”
Read the original on Cointelegraph
Summary and analysis written by BROBROK News from the original report. Read the full story on the source website. Not investment advice.