Riot shares surge on $28B AI lease as Hut 8 sinks on revenue miss

Bitcoin miner Riot sold BTC to finance its AI expansion, while Hut 8 reported falling revenue and rising costs before its major data center leases generate income. Shares of Bitcoin miner Riot Platforms surged more than 13% Wednesday after the company announced a $28 billion AI data center lease, its largest agreement to date as it accelerates its expansion into artificial intelligence infrastructure. The 15-year agreement covers 910 megawatts at its Corsicana, Texas, facility, bringing its total future contracted data center revenue to approximately $38 billion across three leases signed this year.