A shell that changed careers
Riot's own 2025 Form 10-K sets out the lineage in one sentence: "We were incorporated in the State of Colorado on July 24, 2000, under the name AspenBio, Inc., and have undergone a number of subsequent name changes. Effective October 19, 2017, we adopted the corporate name Riot Blockchain, Inc., and changed our state of incorporation to Nevada. Effective December 30, 2022, we adopted our current corporate name, Riot Platforms, Inc., and remain incorporated in Nevada." The intermediate names, on the SEC's own record, were Venaxis and Bioptix. The business that exists today was assembled by purchase: Whinstone US from Northern Data in 2021, the electrical manufacturer ESS Metron in December 2021, the Kentucky miner Block Mining in 2024, and E4A Solutions in December 2024.
Power first, hashing second
The company reports two segments, Bitcoin Mining and Engineering, and describes itself as principally engaged in developing large-scale power assets. Its Rockdale, Texas site has 700 megawatts of developed capacity; Corsicana in Navarro County has 400 megawatts built and is planned to reach roughly one gigawatt; the two Kentucky sites carry about 137 megawatts. As of 31 December 2025 the mining segment ran a deployed hash rate of 38.5 exahashes per second, up from 31.5 a year earlier, and mined 5,686 bitcoin during 2025. Riot held 18,005 bitcoin on that date, recognised at a fair value of $1.6 billion.
The turn away from mining
In January 2026 Riot announced two things at once: it bought the roughly 200-acre parcel under Rockdale that it had previously only leased, and it signed a ten-year data centre lease with Advanced Micro Devices for an initial 25 megawatts of critical IT load, with options for up to 75 megawatts more and a right of first refusal over another 100. The logic is stated in the filing itself. Mining sites and artificial intelligence data centres want the same things, large electrical loads and heavy cooling, and a miner that owns its interconnection can rent the power out instead. Listing here is not endorsement.