Riot Platforms stock climbed roughly 8% on Friday after Advanced Micro Devices doubled its contracted capacity at the company’s Rockdale, Texas data center campus to 50 megawatts, with an option to scale to 150MW total. Riot’s first-quarter 2026 financial results confirmed the AMD expansion and disclosed that the agreement could generate approximately $636 million over a 10-year term. The supporting evidence appears in the cited X post.
The stock move reflects growing investor confidence that Riot’s years-long identity as one of the last large-scale pure-play Bitcoin miners is giving way to a broader data center business.
The company reported $33.2 million in initial data center revenue during Q1 2026, a segment that did not exist in its financials a year ago.
Credit Terms Tighten as Lender Confidence Grows
Alongside the AMD news, Riot said it secured improved terms on its $200 million Bitcoin-backed credit facility with Coinbase.
The fixed interest rate dropped to 6.15% from 8.3%, and 1,544 Bitcoin previously pledged as collateral were released, signaling that lenders are recalibrating their view of Riot’s business beyond mining alone.
Matthew Sigel, head of digital assets research at VanEck, attributed the stock premium directly to that shift. In a post on X, Sigel wrote: “Market pricing in lower cost of capital as the expanded AMD deal drives lender confidence.”
Mining Revenue Falls as the Mix Shifts
Total revenue for the quarter ended March 31 reached $167.2 million, up from $161.4 million in the same period a year earlier. Bitcoin mining revenue, however, fell to $111.9 million from $142.9 million, pressured by lower Bitcoin prices and increased network competition.
The Castle Rock, Colorado-based company also accelerated its Bitcoin sales during the quarter. According to Bitcoin Treasuries data, Riot sold 3,688 BTC in Q1 and ended March holding 15,679 BTC alongside $282.5 million in cash.
That is a notable departure from its previous strategy of retaining all mined Bitcoin on the balance sheet.
Riot’s pivot has been partly shaped by outside pressure. Activist investor Starboard Value had publicly urged management to speed up the transition from Bitcoin mining toward AI infrastructure.
The AMD capacity expansion, combined with the improved debt terms, suggests that transition is now gaining commercial traction.
Over the past 12 months, Riot shares have risen approximately 147%, while Bitcoin has declined nearly 17% over the same period, a divergence that underscores how much of the stock’s recent momentum is tied to its data center ambitions rather than coin prices alone.
Not Financial Advice: This article is for informational purposes only. Crypto investments are highly volatile. Always do your own research.
