Riot Platforms, Inc. completed the purchase of 200 acres of land in Milam County, Texas, for $96 million, converting its long‑term ground lease at the Rockdale site into outright ownership. The acquisition was financed by the sale of approximately 1,080 Bitcoin from Riot’s balance sheet, a move that demonstrates the company’s willingness to monetize its crypto assets to fund a strategic shift toward data‑center operations.
The Rockdale facility, which already hosts a 700 MW interconnection, a dedicated water supply, and fiber connectivity, now sits on fully owned land, giving Riot full control over a critical asset that can be leveraged for high‑density computing. The company’s total power portfolio across its two Texas sites has grown to 1.7 GW, and the newly acquired land brings the total owned acreage to over 1,100 acres.
Riot entered into a 10‑year lease and services agreement with Advanced Micro Devices (AMD) for 25 MW of critical IT load capacity. The lease, which includes three five‑year extension options, is projected to generate $311 million in contract revenue over its term. AMD also holds an expansion option for an additional 75 MW and a right of first refusal for 100 MW, potentially raising the total leased capacity at Rockdale to 200 MW. The initial deployment to AMD is scheduled in two phases, beginning in January 2026 and completing in May 2026, with estimated retrofit costs of $89.8 million for the first phase.
CEO Jason Les emphasized that the deal marks a “key milestone” in Riot’s transformation from a Bitcoin‑mining company to a data‑center operator. “The partnership with AMD validates our infrastructure, development capabilities, and the attractiveness of our sites,” Les said. He added that Riot is “continuing to work toward converting all available power capacity at our Rockdale and Corsicana sites for data‑center use,” underscoring the company’s long‑term commitment to the AI and high‑performance computing market.
Analysts and investors reacted strongly to the announcement, citing the predictable revenue stream and the strategic advantage of owning a 700 MW interconnection in the Texas Triangle. The deal is viewed as a significant diversification of Riot’s income base, reducing exposure to Bitcoin price volatility and positioning the company to capture the growing demand for AI and HPC infrastructure.
The transaction signals a broader strategic pivot for Riot Platforms. By monetizing its Bitcoin holdings and investing in data‑center infrastructure, the company is aligning its capital allocation with high‑growth, high‑margin opportunities in the AI ecosystem. The long‑term lease with AMD, coupled with expansion options, provides a scalable, predictable revenue base that can support future capital expenditures and potentially improve operating leverage as the company scales its data‑center portfolio.
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