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. The agreement represents a major step in Riot’s AI infrastructure strategy as it moves away from relying primarily on Bitcoin mining revenue.

“A year ago, our cash flow depended on the price of Bitcoin, and now, at full deployment of currently executed deals, nearly all of our expected cash flow will be generated from long-term leases with leading players in the AI ecosystem,” CEO Jason Les said during Wednesday’s earnings call.

According to Riot’s third-quarter earnings release, Riot will provide land and power infrastructure originally developed for Bitcoin mining, while the AI tenant, identified as Anthropic in the company’s quarterly filing, will own and operate the computing equipment and cover operating expenses.

5 billion, financed primarily through debt backed by lease payments, although financing has not yet been secured. The first phase is expected to be delivered in September 2027, with rental payments beginning within 60 days of delivery.

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