Sigel makes raising AI capital look easy

Riot Platforms, a publicly traded Bitcoin mining company, sold nearly $200 million worth of Bitcoin in the last two months of 2025 to close the year with a balance of 18,005 BTC. Matthew Sigel, the head of digital asset research at VanEck, suggested that the proceeds from the BTC sales were just enough to kickstart Riot’s 2026-27 AI build-out.

A snapshot report shared on social media by Sigel revealed that the company sold 383 BTC in November 2025 for approximately $37 million and 1,818 BTC in December for roughly $161.6 million, an 8% increase MoM. The total BTC sales over the two months amounted to approximately $198.6 million, which Sigel believes can cover the entire capital expenditure (capex) Riot has set aside for the first 112 MW data center build at Corsicana. Riot expects to complete the project in the first quarter of 2027.

Sigel makes raising AI capital look easy

The VanEck head of digital asset research made raising capital for AI build-out projects sound easy, teasing that just one winter of BTC sales is enough to fund phase 1 of Riot’s data center. Sigel previously stated that there is a connection between AI and Bitcoin, claiming that Bitcoin miners are among the largest sellers of BTC to fund their AI projects.

According to Sigel, companies like Riot need to sell even more BTC to fund rising capex when credit conditions tighten. He noted that the BTC-Nasdaq correlation has increased over the past few months.

Meanwhile, Riot produced 428 BTC in November 2025, representing an average of 14.3 BTC per day. The mining company also produced 460 BTC in December 2025 at an average of 14.8 BTC per day, which was an 8% increase MoM, and an 11% decrease YoY. The average net price per BTC sold was $96,560 in November and $88,870 in December.

Jason Les, Riot’s CEO, said earlier this year that his company has made a strategic decision to sell its monthly BTC production to fund ongoing AI-focused growth and operations. He added that the move helps reduce Riot’s reliance on equity financing, limiting shareholder dilution.

Riot expands deployed hashrate by 5% MoM

In line with Riot’s strategic BTC production and sale to fund AI build-outs, the miner increased its deployed hashrate by 5% MoM, jumping slightly from 36.6 E+H/s in November to 38.5 E+H/s in December. The new hashrate also represented a 22% increase from 31.5 E+H/s in December 2024.

The average operating hashrate in November was 34.6 E+H/s and 34.9 E+H/s in December 2025, representing a MoM increase of just 1%. Meanwhile, the average operating hashrate had increased by 27% YoY from December 2024’s 27.4 E+H/s.

Riot also benefited from the surge in power and demand response credits. Power credits rose from just $1 million in November to $ 4.9 million in December, representing a 381% increase MoM. The power credits increased 549% YoY from December 2024’s $0.8 million.

On the other hand, demand response credits remained almost the same MoM at $1.3 million (+2%). However, the YoY increase was a bit significant, rising 64% from $0.8 million in December 2024.

Meanwhile, Riot’s total power credits also surged 171% MoM from $2.3 million in November to $6.2 million in December, and 301% YoY from $1.5 million in December 2024. The company’s all-in power cost declined by 1% MoM to 3.9 cents per KW/h (kilowatt hour). The YoY fleet efficiency also showed an improvement at 20.2 J/TH.