Riot Platforms pivots to AI infrastructure, offloading most of its bitcoin holdings to fund a $28 billion data-center build-out with Anthropic that includes a 12% interest-bearing rent structure.
Riot, a bitcoin miner, has signed a $28 billion AI deal with Anthropic that lets the AI company finance part of the data-center build and pay Riot 12% interest through rent deductions. A contract of that size, alongside converting mining capacity into data centers, points to a new revenue stream well beyond bitcoin mining. The offset is that Riot has sold most of its bitcoin to fund the pivot, so it carries execution and leverage risk.
The agreement is worth $28 billion, according to the article.
Riot could pay Anthropic 12% interest, collected through rent deductions, with Anthropic helping finance part of the build.
Riot, a bitcoin miner, has sold most of its bitcoin to fund its move into data centers. That removes a large miner from the buyer/holder side, but the sale is described as largely done, so the direct supply pressure on the bitcoin price from here is limited.
Riot Platforms is aggressively shifting its business model from bitcoin mining to AI infrastructure, securing a $28 billion agreement with Anthropic. The deal allows Anthropic to finance data-center construction, with Riot paying 12% interest through structured rent deductions as it repurposes its mining facilities.
The agreement is valued at $28 billion, marking a significant shift in Riot's operational focus.
Riot could pay Anthropic 12% interest, which is collected through rent deductions as part of the financing arrangement.