Riot Platforms (NASDAQ: RIOT) opened a $500 million at-the-market offering on Tuesday.
The new $500 million facility replaces a previous equity sale agreement established on August 9, 2024. Riot terminated that prior agreement effective Tuesday. Under the terms of the agreement, Riot retains discretion over the timing and volume of sales.
Riot sold approximately $600.5 million worth of stock under the 2024 agreement prior to its cancellation, with the facility having roughly $149.5 million in unsold capacity remaining when it was closed.
The capital raise occurs as institutional analysts project growth for the company’s infrastructure.
J.P. Morgan recently issued a forecast predicting “45% upside” for Riot shares through 2026, expecting the company to sign a “600 MW colocation deal” at its Corsicana site by the end of 2026.
Riot owns 1.7 GW of power capacity across two large-scale sites in Texas. The report notes these sites are located in tier-1 markets, which the analysts described as “rare” for the Bitcoin mining industry.
