# Riot Platforms, Inc. (RIOT)

Informational only - not investment advice.

CIK: 0001167419
SIC: 6199 Finance Services
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [SIC Major Group 61](/major-group/61/) > [SIC 6199 Finance Services](/industry/6199/)
Latest 10-K filed: 2026-03-02
SEC page: https://www.sec.gov/edgar/browse/?CIK=1167419
Filing source: https://www.sec.gov/Archives/edgar/data/1167419/000110465926022322/riot-20251231x10k.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-02 · accession 0001104659-26-022322 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001167419.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 647,435,000 USD | 2025 | verified |
| Net income | -663,181,000 USD | 2025 | verified |
| Assets | 3,936,767,000 USD | 2025 | verified |
| Free cash flow | -774,310,000 USD | 2025 | computed |
| Net margin | -102.43% | 2025 | computed |
| Operating margin | -96.10% | 2025 | computed |
| Revenue YoY | +71.89% | 2025 | computed |
| ROE | -23.20% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | RIOT | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -102.4% | 4.4% | 3 | 33 |
| Operating margin | -96.1% | -3.5% | 15 | 21 |
| Revenue growth | 71.9% | 15.2% | 91 | 34 |
| FCF margin | -119.6% | -27.0% | 31 | 30 |
| ROE | -23.2% | -2.1% | 22 | 33 |
| ROA | -16.8% | -0.1% | 15 | 35 |
| Liabilities / equity | 0.38 | 2.00 | 12 | 33 |
| Current ratio | 0.96 | 2.19 | 5 | 21 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6199 Finance Services, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 647435000 | USD | 2025 | 2026-03-02 |
| Net income | -663181000 | USD | 2025 | 2026-03-02 |
| Assets | 3936767000 | USD | 2025 | 2026-03-02 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-02. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001167419.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2014 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  | 269,657 | 7,845,000 | 6,837,000 | 12,081,000 | 213,243,000 | 259,171,000 | 280,678,000 | 376,658,000 | 647,435,000 |
| Net income |  | -4,272,837 | -19,845,873 | -58,008,000 | -20,039,000 | -14,114,000 | -15,437,000 | -509,553,000 | -49,472,000 | 109,401,000 | -663,181,000 |
| Operating income |  | -5,192,364 | -13,154,482 | -59,366,000 | -9,417,000 | -15,544,000 | -29,870,000 | -512,701,000 | -63,047,000 | 153,590,000 | -622,166,000 |
| Diluted EPS |  |  |  |  | -1.02 | -0.33 | -0.17 | -3.65 | -0.28 | 0.34 | -1.95 |
| Operating cash flow |  | -5,519,744 | -4,440,050 | -19,052,000 | -15,415,000 | -2,849,000 | -86,082,000 | 530,000 | 33,085,000 | -255,052,000 | -572,928,000 |
| Capital expenditures | 30,142 | 35,402 |  | 20,195,000 | 4,958,000 | 8,139,000 | 147,116,000 | 148,412,000 | 193,704,000 | 240,340,000 | 201,382,000 |
| Share buybacks |  |  |  |  |  | 446,000 | 5,082,000 | 10,138,000 | 14,035,000 | 11,562,000 | 4,289,000 |
| Assets |  | 17,040,815 | 52,335,540 | 13,860,000 | 30,380,000 | 280,147,000 | 1,521,988,000 | 1,319,964,000 | 2,051,080,000 | 3,935,307,000 | 3,936,767,000 |
| Liabilities |  | 2,120,456 | 2,708,141 | 9,369,000 | 4,145,000 | 3,076,000 | 173,619,000 | 168,522,000 | 163,058,000 | 791,622,000 | 1,078,361,000 |
| Stockholders' equity |  | 14,920,359 | 48,869,304 | 5,787,000 | 26,242,000 | 275,631,000 | 1,348,369,000 | 1,151,442,000 | 1,888,022,000 | 3,143,685,000 | 2,858,406,000 |
| Cash and cash equivalents |  | 5,529,848 | 41,652,000 | 225,000 | 7,440,000 | 223,382,000 | 312,315,000 | 230,328,000 | 597,169,000 | 277,860,000 | 233,517,000 |
| Free cash flow |  | -5,555,146 |  | -39,247,000 | -20,373,000 | -10,988,000 | -233,198,000 | -147,882,000 | -160,619,000 | -495,392,000 | -774,310,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2014 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  |  |  | -116.83% | -7.24% |  | -17.63% | 29.05% | -102.43% |
| Operating margin |  |  |  |  | -137.74% | -128.66% | -14.01% |  | -22.46% | 40.78% | -96.10% |
| Return on equity |  | -28.64% | -40.61% |  | -76.36% | -5.12% | -1.14% | -44.25% | -2.62% | 3.48% | -23.20% |
| Return on assets |  | -25.07% | -37.92% |  | -65.96% | -5.04% | -1.01% | -38.60% | -2.41% | 2.78% | -16.85% |
| Liabilities / equity |  | 0.14 | 0.06 | 1.62 | 0.16 | 0.01 | 0.13 | 0.15 | 0.09 | 0.25 | 0.38 |
| Current ratio |  | 13.03 | 40.74 | 0.35 | 3.75 | 98.57 | 5.14 | 3.65 | 8.33 | 3.74 | 0.96 |

## As-reported value updates

7 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/RIOT/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-10. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001167419.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | -0.24 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -0.33 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | -0.01 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 51,891,000 | -45,325,000 | -0.25 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 78,812,000 | 79,228,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 79,296,000 | 211,777,000 | 0.81 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 70,018,000 | -84,449,000 | -0.32 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 84,786,000 | -154,362,000 | -0.54 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 142,558,000 | 136,435,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 161,387,000 | -296,367,000 | -0.90 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 152,988,000 | 219,454,000 | 0.58 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 180,229,000 | 104,480,000 | 0.26 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 152,831,000 | -690,748,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 167,219,000 | -500,477,000 | -1.44 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 174,235,000 | -237,170,000 | -0.68 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from RIOT's latest 10-K: [/company/RIOT/business/](/company/RIOT/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from RIOT's latest 10-K: [/company/RIOT/risk-factors/](/company/RIOT/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1167419/000110465926093448/riot-20260630x10q.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-10
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) provides information to assist readers in understanding our results of operations and financial condition. This MD&A should be read in conjunction with the Notes and other financial information included elsewhere in this Quarterly Report, and our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025.

Unless otherwise indicated, amounts are stated in thousands of U.S. dollars except for: share, per share, per MWh, MW, GW, and miner amounts; bitcoin quantities, prices, and hash rate; cost to mine one bitcoin; and production value of one bitcoin mined.

Our MD&A is primarily organized as follows:

[[GREPCENT_TABLE]]
[["","\u25cf","Business Overview and Trends. Highlights of events that impacted our financial position and results of operations."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Results of Operations. Analysis of our financial results comparing the three and six months ended June 30, 2026 and 2025."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Liquidity and Capital Resources. Analysis of changes in our balance sheets and cash flows and discussion of our financial condition, including potential sources of liquidity, material cash requirements, and their general purpose."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Critical Accounting Policies and Estimates. Accounting policies and estimates that we believe are important to understanding the assumptions and judgments underlying our reported financial results."]]
[[/GREPCENT_TABLE]]

Forward-Looking Statements

This MD&A includes forward-looking statements based on current expectations that involve risks and uncertainties, such as our plans, objectives, expectations, and intentions. Actual results and the timing of events may differ materially from those anticipated in these forward-looking statements as a result of various factors. See “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” for a discussion of factors that may cause actual results to differ materially – and potentially adversely – from the results described in or implied by the forward-looking statements contained in this MD&A and elsewhere in this Quarterly Report.

Business Overview and Trends

General

We are a vertically integrated digital infrastructure company principally engaged in developing and optimizing our large-scale power assets. Our business strategy centers on enhancing our electrical infrastructure and deploying it across two complementary platforms: (i) bitcoin mining and (ii) scalable data center solutions designed to support non-mining workloads. By leveraging our energy portfolio, engineering capabilities, and operational footprint, we aim to capitalize on both the long-term potential of bitcoin and the accelerating demand for power-intensive compute.

We operate in three reportable business segments: Bitcoin Mining, Data Center, and Engineering.

We own and manage multiple large-scale data center facilities in Texas and Kentucky that provide mission-critical power and infrastructure for our Bitcoin Mining at our Facilities, and non-mining Data Center operations at our Rockdale Facility. Our Rockdale Facility in Texas currently provides up to approximately 700 MW of developed capacity for Bitcoin Mining and Data Center leasing and is among the largest digital infrastructure campuses in North America, as measured by developed capacity. We have completed construction of approximately 400 MW of developed capacity at our second large-scale Texas development, the Corsicana Facility. We expect the Corsicana Facility to reach approximately 1 GW of developed capacity available for Bitcoin Mining and other high-density compute workloads upon full build-out. The Kentucky Facility currently provides approximately 192 MW of developed capacity.

Our industry remains highly competitive and continues to evolve alongside broader growth in digital assets and high-performance compute. With our scale, integrated power strategy, and engineering foundation, we believe we are well positioned to participate in the rapidly converging markets for Bitcoin Mining, AI, HPC, and modern data center infrastructure.

35

Table of Contents

Data Center Development

In 2025, we began leveraging our core competencies in power optimization, strategic land acquisition, engineering design, and construction execution to pursue opportunities to develop and monetize portions of our existing facilities and power pipeline through data center leasing services. We strengthened our execution capacity by recruiting critical talent and establishing a scalable data center platform to support data center development at the Corsicana Facility. We have completed our basis of design for our standard data center build and have initiated development of our first core & shell at the Corsicana Facility.

In January 2026, we announced the execution of the AMD Lease to provide 25 MW of critical IT load capacity at our Rockdale Facility. The AMD Lease has an initial term of ten years and provides three successive five-year term renewal options at the lessee’s discretion. The AMD Lease included an expansion option for an additional 75 MW of critical IT load capacity and a right of first refusal for an additional 100 MW.

In April 2026, we announced AMD’s exercise of a portion of the existing expansion option set forth in the AMD Lease, to provide an additional deployment of 25 MW of critical IT load capacity, which was pursuant to the AMD Lease Amendment. Under the AMD Lease Amendment, AMD holds a remaining balance of 50 MW of reserved critical IT load capacity under the existing expansion option. The AMD Lease Amendment also grants AMD a conditional, first-priority right to lease up to an additional 100 MW of critical IT load capacity, exercisable in increments of not less than 50 MW. If both the remaining 50 MW of reserved capacity under the existing expansion option and the additional 100 MW option are fully exercised, AMD’s total leased capacity at the Rockdale Facility would increase to 200 MW. This conditional, first-priority right replaces the right of first refusal for an additional 100 MW previously granted to AMD in the AMD Lease.

​

In August 2026, we announced the execution of the Tenant Lease to provide 191 MW of critical IT load capacity at the Rockdale Facility. The critical IT load capacity is anticipated to be delivered in phases in December 2027 and June 2028. The Tenant Lease has an initial term of 20 years and includes provisions for two successive five-year renewal terms at the option of the lessee. Immediate funding of long-lead procurement items will be provided by the $573 Million Credit Facility with Morgan Stanley.

Business Segments

​

Bitcoin Mining

​

During the six months ended June 30, 2026, we continued to deploy miners across all our Facilities, with the objective of improving our operational efficiency and performance. As of June 30, 2026, we had a total deployed hash rate capacity of 44.4 EH/s, as compared to 38.5 EH/s as of December 31, 2025, an increase of 15.3%.

​

During the six months ended June 30, 2026, we mined 3,060 bitcoin, reflecting an increase of 104 bitcoin compared to the 2,956 bitcoin mined during the six months ended June 30, 2025. The increase was primarily due to our increased average operating hash rate and significantly improved operational efficiency, partially offset by increases in the global network hash rate.

​

For the six months ended June 30, 2026 and 2025, Bitcoin Mining revenue was $225.6 million and $283.7 million, respectively. The decrease of $58.1 million was primarily due to lower bitcoin prices during the 2026 period, which averaged $73,736 per bitcoin, as compared to $95,991 per bitcoin for the 2025 period. The decrease was partially offset by a 19.5% increase in our average operating hash rate, which increased from 30.8 EH/s during the six months ended June 30, 2025, to 36.8 EH/s during the six months ended June 30, 2026, and the increase in bitcoin production.

​

Custodians

​

As bitcoin is a decentralized digital asset, we are not required to use a third-party custodian and may elect to self-custody our holdings. However, we believe that our private keys associated with our bitcoin are better safeguarded within the secure environment provided by custodians. Self-custody poses an increased risk to our private keys, and we may not have the same level of protection as that offered by custody providers who are well-versed in industry best practices for safeguarding digital assets from potential theft, loss, or destruction.

​

Our bitcoin custodian and brokerage services relationships are non-exclusive, and we may change our custodian and brokerage relationships at any time. We continually monitor our bitcoin assets held by our custodians. Our insurance providers do not have inspection rights associated with our bitcoin assets held in cold storage. For additional information regarding our relationships with our custodians, NYDIG Trust Company LLC and Coinbase, Inc., on behalf of itself and Coinbase Custody Trust Company, LLC,

36

Table of Contents

and, if applicable, Coinbase or Coinbase Custody International Ltd., and a description of our underlying agreements with them, see Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our 2025 Annual Report.

Operating Metrics

The following table presents our key operating metrics:

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1167419/000110465926022322/riot-20251231x10k.htm
Complete FY 2025 MD&A: /company/RIOT/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-03-02
Report date: 2025-12-31

ITEM 7.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) provides information intended to assist in the understanding of our results of operations and financial condition. This MD&A should be read in conjunction with our Consolidated Financial Statements and the related notes (the “Notes”) included in Part II, Item 8. “Financial Statements and Supplementary Data” of this Annual Report.

This MD&A generally discusses 2025 and 2024 items and a year-to-year comparison between 2025 and 2024. Discussion of 2023 items and a year-to-year comparison between 2023 and 2024 can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024.

Our MD&A is organized as follows:

[[GREPCENT_TABLE]]
[["","\u25cf","Business Overview and Trends. Highlights of events in 2025 that impacted our financial position."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Results of Operations. Analysis of our financial results comparing years 2025 and 2024."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Liquidity and Capital Resources. Analysis of changes in our balance sheets and cash flows and discussion of our financial condition, including potential sources of liquidity, material cash requirements and their general purpose."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Critical Accounting Policies and Estimates. Accounting policies and estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results."]]
[[/GREPCENT_TABLE]]

For a discussion of our business, see Part I, Item 1. “Business” of this Annual Report.

Forward Looking Statements

This MD&A includes forward-looking statements based on our current expectations that involve risks and uncertainties, such as our plans, objectives, expectations, and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors. See “Cautionary Note Regarding Forward-Looking Statements” and Part I, Item 1A. “Risk Factors” of this Annual Report for a discussion of factors that could cause actual results to differ materially – and potentially adversely – from the results described in or implied by the forward-looking statements contained in this MD&A and elsewhere in this Annual Report.

BUSINESS OVERVIEW AND TRENDS

General

​

We are a vertically integrated digital infrastructure company principally engaged in developing and optimizing our large-scale power assets. Our business strategy centers on enhancing our electrical infrastructure and deploying it across two complementary platforms: (i) Bitcoin Mining and (ii) scalable data center solutions designed to support non-mining workloads. By leveraging our energy portfolio, engineering capabilities, and operational footprint, we aim to capitalize on both the long-term potential of bitcoin and the accelerating demand for power-intensive compute.

We operate in two reportable business segments: Bitcoin Mining and Engineering.

We own and manage multiple large-scale data center facilities in Texas and Kentucky that currently provide mission-critical power and infrastructure for our Bitcoin Mining operations and, over time, are expected to support diversified data center tenants. Our Rockdale Facility in Texas, with 700 MW of developed capacity, is among the largest digital infrastructure campuses in North America, as measured by developed capacity. In 2024, we completed construction of 400 MW of developed capacity at our second large-scale Texas development, the Corsicana Facility. We expect the Corsicana Facility to reach approximately 1 GW of developed capacity upon full buildout and it is being designed to support high-density compute workloads.

​

Our industry remains highly competitive and continues to evolve alongside broader growth in digital assets and high-performance compute. With our scale, integrated power strategy, and engineering foundation, we believe we are well positioned to participate in the rapidly converging markets for Bitcoin Mining, AI, HPC, and modern data center infrastructure.

41

Table of Contents

Data Center Development

In 2025, we began leveraging our core competencies in power optimization, strategic land acquisition, engineering design, and construction execution to pursue opportunities to develop and monetize portions of our existing facilities and power pipeline through data center leasing services. We strengthened our execution capacity by recruiting critical talent and launching a scalable data center platform to support Data Center Phase I of development at the Corsicana Facility. We have completed our basis of design for our standard data center build and are assessing the procurement of long-lead equipment, in alignment with our disciplined capital allocation strategy focused on delivering superior risk-adjusted returns.

In January 2026, we announced the acquisition in fee simple of the approximately 200-acre parcel of land underlying the Rockdale Facility, which was previously occupied pursuant to a long-term ground lease. This strategic acquisition enhances our operational stability by securing direct ownership of the site’s critical infrastructure, including its 700 MW grid interconnection, dedicated water supply, and redundant fiber connectivity. By consolidating ownership of the underlying real estate, we have eliminated leasehold contingencies, facilitating the further development and expansion of the Rockdale Facility for large-scale data center operations.

Additionally, in January 2026, we announced the execution of the AMD Lease to provide 25 MW of critical IT load capacity at the Rockdale Facility. The AMD Lease has an initial term of ten years and provides for expansion options for up to an additional 75 MW of critical IT load capacity, and a right of first refusal for up to an additional 100 MW. Furthermore, the AMD Lease includes provisions for three successive five-year renewal terms at the option of the lessee.

Bitcoin Mining

During the year ended December 31, 2025, we continued development activities at the Corsicana Facility and deployed miners at all our Facilities, with the objective of increasing our operational efficiency and performance in the future. As of December 31, 2025, we had a total deployed hash rate capacity of 38.5 EH/s, as compared to 31.5 EH/s as of December 31, 2024, an increase of 22.1%.

​

During the year ended December 31, 2025, we mined 5,686 bitcoin, as compared to 4,828 bitcoin mined during the year ended December 31, 2024. The increase of 858 bitcoin was primarily due to our increase in deployed hash rate as a result of the development of the Corsicana Facility, the acquisition of Block Mining and our significantly improved operational efficiency, partially offset by the increase in the global network hash rate and the halving that occurred in April 2024.

​

Custodians

​

As bitcoin is a decentralized cryptocurrency, it is not required that bitcoin be held by a custodian, and we may elect to self-custody. However, we believe our private keys relating to our bitcoin are better safeguarded by the secure environment provided by custodians. Self-custody poses an increased risk to our private keys and we may not have the same level of protection as custody providers who are well versed in industry best practices to protect digital assets from potential theft, loss, or destruction.

​

Pursuant to the Digital Asset Custodial Agreement, dated as of November 1, 2023, between us and NYDIG (as may be amended, modified or supplemented from time to time, the “NYDIG Custodial Agreement”), NYDIG, a well-known U.S.-based third-party digital asset-focused custodian, holds our bitcoin in cold storage wallets in a digital asset account in our name. In exchange for its custodial services, NYDIG charges an annual fee equal to a percentage of our custodied bitcoin based on the daily average value in U.S. dollars of the bitcoin we custody with NYDIG. Our bitcoin held in such digital asset accounts does not constitute “deposits” within the meaning of U.S. federal or state banking law and the digital asset accounts are not subject to Federal Deposit Insurance Corporation or Securities Investor Protection Corporation protections. The cold storage wallets in which our bitcoin is held with NYDIG are all located in the United States. The NYDIG Custodial Agreement is for a term of one-year, and automatically renews for successive one-year periods, unless either the Company or NYDIG provides thirty days’ notice of termination, in writing, except that either the Company or NYDIG may terminate the NYDIG Custodial Agreement in writing, effective immediately, in the event that either NYDIG or the Company are adjudged bankrupt or insolvent or files an application for an arrangement with its creditors, or there is a material misstatement or failure of a party to perform its obligations under the NYDIG Custodial Agreement, a change in applicable law that has a material adverse effect on the services provided for in the NYDIG Custodial Agreement, or a substantial change in ownership or control or material adverse change in the financial condition of NYDIG or the Company.

​

The NYDIG Custodial Agreement contains certain mutual indemnification provisions, including that NYDIG will indemnify us against direct claims for loss of custodied assets that arise directly from NYDIG’s or NYDIG’s nominees’ grossly negligent action, grossly negligent failure to act, bad faith or willful misconduct. Additionally, the Company shall indemnify NYDIG against all claims and liabilities incurred or assessed against NYDIG in connection with the NYDIG Custodial Agreement, except as may arise from certain of NYDIG or its nominees’ own actions or conduct.

42

Table of Contents

​

For more information on the NYDIG Custodial Agreement, see the full text of the NYDIG Custodial Agreement filed herewith as Exhibit 10.29, which qualifies the forgoing descriptions of the NYDIG Custodial Agreement in its entirety.

​

We are also a party to a Digital Asset Execution Agreement with NYDIG Execution LLC (“NYDIG Execution”), pursuant to which NYDIG Execution executes or arranges transactions of our bitcoin (“Orders”) as our agent. NYDIG Execution earns a commission on each trade determined by the net trade proceeds in U.S. dollars. NYDIG Execution does not charge us additional fees for principal trades. We deliver our Orders to NYDIG Execution via a designated security procedure, and each Order is affirmatively accepted by NYDIG Execution. While our bitcoin may temporarily be processed through a NYDIG Execution customer account, NYDIG has covenanted that our assets will not be commingled with the assets of NYDIG Execution. NYDIG Execution is required to deposit any cash from the sale of our bitcoin into our bank account at a U.S. depositary institution, less any applicable commissions. NYDIG Execution does not guarantee the value of our bitcoin and is not responsible for any delay or failure to complete any Order caused by a digital asset network. If NYDIG Execution fails to (1) execute a properly executable Order and (2) give us notice of such failure, NYDIG Execution will only be liable for our actual damages.

​

The Company also engaged Coinbase, a well-known U.S.-based third-party digital asset-focused custodian through the Coinbase Prime Broker Agreement, which includes the Coinbase Custody Services Agreement, and the Coinbase Master Trading Agreement (together, the “Coinbase Prime Broker Agreement”) for custodial and prime broker services, including, but not limited to, the storing of digital assets, trade exe

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/RIOT/mda/fy2025/
All MD&A years: /company/RIOT/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/RIOT/mda/fy2024/): filed 2025-02-28; accession 0001558370-25-001888 (https://www.sec.gov/Archives/edgar/data/1167419/000155837025001888/riot-20241231x10k.htm)
- [FY 2023 MD&A](/company/RIOT/mda/fy2023/): filed 2024-02-23; accession 0001558370-24-001550 (https://www.sec.gov/Archives/edgar/data/1167419/000155837024001550/riot-20231231x10k.htm)
- [FY 2022 MD&A](/company/RIOT/mda/fy2022/): filed 2023-03-02; accession 0001558370-23-002704 (https://www.sec.gov/Archives/edgar/data/1167419/000155837023002704/riot-20221231x10k.htm)
- [FY 2021 MD&A](/company/RIOT/mda/fy2021/): filed 2022-03-16; accession 0001079973-22-000280 (https://www.sec.gov/Archives/edgar/data/1167419/000107997322000280/riot10k1221.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6199 Finance Services) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [M2SL](/indicator/M2SL/): M2
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/RIOT.md · JSON record: /company/RIOT.json · verified financials: /company/RIOT/financials.json / /company/RIOT/financials.csv · machine TOC for the whole site: /llms.txt