Riot Platforms Shares Surge on Bitcoin Breakthrough and Data Center Deals

Riot Platforms Inc (NASDAQ:RIOT) shares are rising on Thursday as Bitcoin breaks above $72,000. The cryptocurrency's surge is being driven by sector sentiment following Wednesday's White House crypto summit hosted by President Donald Trump.

The stock is gaining alongside the broader crypto market, with Riot serving as a high-beta proxy for spot Bitcoin prices. As one of the premier public digital infrastructure operators, its equity is closely tied to the performance of BTC.

Riot released its second-quarter financial results on Aug. 10, posting $174.2 million in total revenue, up 14% year-over-year. The growth was driven by $23.2 million from its expanding data center business, helping the firm maintain over $1.2 billion in liquid assets despite net loss pressures from higher all-in mining costs.

The company has secured a major 20-year lease agreement with AI firm Anthropic for 191 megawatts of power at its Rockdale, Texas campus. This adds to an existing deal with AMD, securing approximately $9.8 billion in long-term contracted revenue through its data centers.