Riot Platforms sold approximately 79% of its Bitcoin holdings in three months, reducing its stash from 11,380 coins in June to 2,418 by September 30. The company sold 20,264 coins for roughly $1.5 billion between January and September, with most proceeds directed to AI data center construction. On Wednesday, Riot signed a $28 billion AI lease for its Corsicana, Texas campus to an unnamed AI lab, bringing its total contracted rent to about $38 billion across earlier deals.
The timing creates uncertainty for Texas data center expansion. Democrat Gina Hinojosa won the Texas gubernatorial race on Tuesday and takes office in January. She has pledged to "issue a moratorium on all data center permits until the Legislature can codify regulations," according to Texas Monthly. Jefferies estimated such a moratorium could put 13.3 gigawatts of announced Texas data center projects at risk.
Hinojosa's proposals focus on regulatory terms rather than outright bans. Her campaign said her plan includes ending subsidies and requiring proof that household power and water bills won't rise. A governor can direct state agencies, but changing tax breaks requires legislative action. Under the Corsicana lease, the tenant pays the site's power costs, Riot said.
Texas has already paused some approvals. Outgoing Governor Greg Abbott halted state environmental permits for data centers in September until a grid audit concludes. Law firm Bracewell expects that audit in mid-December. Corsicana's first 400 megawatts are scheduled for September 2027.
RIOT shares rose 13.9% to $15.97 before Wednesday's open, according to Yahoo Finance data.