Catenaa, Tuesday, November 04, 2025- Bitcoin mining company Riot Platforms posted net income of $104.5 million in the third quarter, reversing losses from earlier this year, as revenues nearly doubled to $180.2 million, according to its earnings report Thursday.
The increase was fueled by higher bitcoin mining output, with Riot mining 1,406 BTC in the quarter compared to 1,104 BTC a year earlier. The firm’s adjusted EBITDA reached $197.2 million, including a $133.1 million gain from its bitcoin holdings.
Rising global hash rates drove up mining costs to an average of $46,324 per bitcoin, up from $35,376 in the same quarter last year, partially offset by power credits.
CEO Jason Les highlighted the company’s expansion into data center operations, including its 112 MW Corsicana campus, positioning Riot as a large-scale data center operator capable of supporting high-performance computing and AI workloads.
The firm’s nearly 20,000 BTC treasury, valued over $2 billion, remains central to its financial stability, ranking as the second-largest among miners and seventh-largest among public companies.
Despite strong quarterly performance, Riot’s stock fell 4.87% at market close. The results underscore Riot’s strategy of combining bitcoin mining with data center growth, leveraging both operational expansion and its substantial crypto holdings to drive long-term value.
