Riot Platforms and Hut 8 reported third-quarter results on Wednesday, confirming that both companies have sold Bitcoin from their holdings, though for different purposes. Riot is directing proceeds toward data center development, while Hut 8 has used them to buy back its shares.

Riot sold 20,264 BTC this year for about $1.5 billion, reducing its holdings from 18,005 BTC at the start of the year to 2,418 BTC at the end of September. Those remaining coins were worth about $202 million at the quarter-end price of $83,554. Sales totaled 3,778 BTC in the first quarter, 4,300 in the second and 12,186 in the third.

The company said the proceeds supported data center work and the full repayment of a $200 million Coinbase credit facility, releasing all bitcoin pledged against it. Riot also said it raised no equity in 2026.

Riot’s data center plans include a 15-year lease covering its Corsicana, Texas campus. The agreement with an unnamed “Frontier AI Lab” covers 910 MW of critical IT capacity and is valued at about $28 billion over its initial term, with average annual rent of $1.8 billion. Together with an AMD contract and an earlier Rockdale lease with the same tenant, Riot says it has leased 1,151 MW for about $38 billion.

Riot produced 1,637 BTC in the quarter at an average cost of $39,265 per coin before depreciation. Mining revenue fell 28% to $116 million, while total revenue was $181.4 million, unchanged from a year earlier, as data center and engineering income offset the decline.

Hut 8 sold 3,102 BTC from July through October, raising about $250 million to repurchase shares. It sold about 954 BTC for $74.8 million during the quarter and about 2,148 BTC for $175.4 million in October, retiring 3.3 million shares. On Nov. 2, its board increased the share repurchase authorization to $1 billion.

As of Sept. 30, Hut 8 reported about 16,787 BTC across the parent company and its majority-owned American Bitcoin subsidiary. The holdings were valued at $1.4 billion, with $697.4 million attributable to Hut 8 itself, before October sales reduced the parent company’s share.

Hut 8 said its data center projects would not require funding from its bitcoin treasury. It has a $1.07 billion senior secured revolving credit facility, which was undrawn at quarter-end, and expects its River Bend and Beacon Point projects to be financed at the project level without parent equity or recourse debt. A second 352 MW lease at Beacon Point brought the campus’s contracted value to about $19.6 billion and the portfolio total to $26.6 billion.

Hut 8 recorded net income of $189.5 million, including $413.8 million in gains on digital assets, most of them unrealized. Revenue fell to $71.1 million from $83.5 million a year earlier. Adjusted EBITDA, which excludes bitcoin mark-to-market changes, was $33 million.

Sources: Bitcoin Magazine.