Riot Platforms shares jump 11% after Bitcoin sale funds Texas deal

The deal followed Riot announcing last week that it sold more than $160 million of its Bitcoin holdings as part of a strategy shift, to broaden use of its data centers.

Shares of Riot Platforms jumped more than 11% after the crypto miner said it sold Bitcoin to help finance a land acquisition in Texas.

In a Friday notice, Riot said the $96 million deal for 200 acres of land in Rockdale, Texas was funded entirely by the sale of about 1,080 Bitcoin (BTC). The miner also signed a data center lease and services agreement with semiconductor company Advanced Micro Devices (AMD), initially deploying 25 megawatts (MW) of “critical IT load capacity.”

“These results mark a pivotal moment that cements Riot’s position as a leading data center developer, less than twelve months since the launch of our formal process to evaluate our assets for AI/HPC use,” said Riot CEO Jason Les.

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