Riot Platforms has replaced its existing at‑the‑market (ATM) equity program with a new $500 million offering, according to a Form 8‑K filed by the company. The company terminated its prior ATM program launched in August 2024 after selling about $600.5 million of stock under that plan and leaving roughly $149.5 million unsold.
Riot Platforms Launches New $500M ATM Equity Program
The fresh sales agreement permits Riot to sell up to $500 million of common stock from time to time at prevailing market prices, subject to placement notices that specify maximum dollar amounts and minimum prices. Riot retains the ability to pause sales at any time and to submit placement notices at its discretion, giving the company flexibility in how and when it accesses the market. For background on Riot’s broader financial situation, see Riot's financial results.
Financial Details of the Previous ATM Program
Riot’s prior ATM, launched in August 2024, was wound down as the company moved to the new $500 million program. By the time the earlier agreement was terminated, Riot had sold about $600.5 million of stock under that program, leaving roughly $149.5 million unsold.
Impact of Bitcoin Hashprice on Mining Operations
Compressed bitcoin hashprice levels have limited Riot’s ability to generate cash internally from mining operations. Estimates from TheMinerMag put Riot’s total hashcost in the third quarter at about $38.5 per PH/s, slightly above prevailing hashprice levels, which suggests core mining operations are operating roughly at breakeven or at a cash loss when all costs are included. For context on margin pressure and related strategic moves, see AI and margins.
Sales Agents for the New ATM Program
The new sales agreement expands Riot’s roster of sales agents, adding a group of broker‑dealers to support placements. The company listed these firms as sales agents in the filing and will work with them to execute any share issuances.
- B. Riley Securities
- BTIG
- Cantor Fitzgerald
- Keefe, Bruyette Woods
- Macquarie Capital
- Morgan Stanley
- Needham
- Northland Securities
- Roth Capital Partners
Under the agreement, Riot can issue shares by submitting placement notices that set the parameters for each tranche, while preserving the option to halt sales at any point.
Reliance on Capital Markets for Expansion
With mining margins compressed and limited cash generation from its existing fleet, Riot’s renewed equity capacity underlines a greater reliance on external funding. The company indicated that such funding supports balance sheet liquidity and can underwrite capital‑intensive initiatives that go beyond traditional mining, including investments in AI and high‑performance computing infrastructure.
Почему это важно
Для майнера в РФ эта новость показывает, что крупные публичные майнеры ищут внешнее финансирование, когда внутренний денежный поток ограничен. Это отражает общую слабость маржи в отрасли и означает, что крупные игроки могут замедлить собственные капиталовложения в майнинг, переключаясь на привлечение капитала для других проектов.
Что делать?
- Следите за хэшрайсом и хэшпрайсом: мониторьте их, чтобы понимать рентабельность вашей фермы относительно внешних игроков.
- Проверяйте операционные расходы: убедитесь, что тарифы на электроэнергию и эффективность оборудования соответствуют текущим доходам.
- Читайте корпоративные отчёты: подпишитесь на объявления и Form 8‑K от крупных майнеров, чтобы видеть, когда компании проводят размещения.
- Оценивайте диверсификацию: если у вас небольшая ферма, подумайте о вариантах снижения рисков — техническая оптимизация или поиск альтернативных источников дохода.
