Crypto miners stockpiling for AI transformation? Riot sells Bitcoin aggressively, cashing out $200 million in 2 months

Riot sells 2,201 Bitcoins to fund AI data center expansion, indicating that miners’ capital is shifting towards AI and intensifying selling pressure in the Bitcoin market.

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To capitalize on the AI wave, Bitcoin mining leader Riot Platforms (NASDAQ: RIOT) is willing to “sell coins for cash,” selling a total of 2,201 Bitcoins and earning about $200 million by the end of last year.

According to Riot Platforms’ disclosures, the company sold 383 Bitcoins in November and 1,818 Bitcoins in December last year, reducing its holdings to 18,005 Bitcoins.

Miners sell Bitcoin for various reasons, including covering operational costs, adjusting asset allocations, or responding to market volatility. However, Matthew Sigel, Head of Digital Asset Research at VanEck, pointed out that Riot’s recent coin sales are likely closely related to its AI data center expansion.

Sigel analyzed that the amount Riot earned from selling Bitcoin at the end of last year “almost equals the total capital expenditure planned for the first phase of its AI data center (112MW core/shell) in Corsicana, Texas,” with the project aiming to be completed in Q1 2027.

He further noted that the capital flow between AI themes and Bitcoin is rapidly increasing. Due to tightening traditional credit environments (loans), these miners, who would normally “HODL,” are forced to become the market’s largest “marginal sellers” to fund AI-related capital expenditures, which is likely one of the many reasons Bitcoin continues to face pressure into 2025.

The market has also quickly reflected this dynamic. During Tuesday’s US stock market session, Riot’s stock price fell about 2%, and Bitcoin’s price also retreated by 1.2%.