Riot CEO Sells Another $7M as Bitcoin Miner Briefly Tops $30 on AI Rally
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Riot Platforms (NASDAQ: RIOT) CEO Jason Les has moved to sell another $7 million worth of company stock under a prearranged trading plan, taking advantage of a sharp rally that has pushed the bitcoin miner's shares to their highest levels in more than a year.
A Form 144 filed with the U.S. Securities and Exchange Commission on Monday disclosed Les' intention to sell 250,000 shares of Riot common stock with an aggregate market value of approximately $7.03 million. The filing indicated the transaction was executed on June 22 through J.P. Morgan Securities.
The shares were sold by the Jason M. Les Trust, for which Les serves as trustee, and the transaction was conducted pursuant to a Rule 10b5-1 trading plan adopted on Aug. 25, 2025.
The latest sale follows another Form 144 filing disclosed earlier last month, in which Les sold 175,000 shares valued at approximately $4.2 million under the same trading plan.
Combined, the two transactions represent 425,000 shares and roughly $11.2 million in stock sales since Riot's shares began climbing on growing investor enthusiasm for power-rich bitcoin miners positioned to participate in the artificial intelligence infrastructure buildout.
Riot shares briefly climbed above $30 on Monday before retreating below $29, closing the session up 1.9%. The stock has more than doubled this year as investors have re-rated bitcoin miners with large-scale power portfolios as potential beneficiaries of the AI infrastructure boom.
The sales remain well within the parameters of Les' trading plan. According to Riot's third-quarter 2025 filing, the plan allows for the sale of up to 1.05 million shares between Dec. 1, 2025 and Nov. 2, 2026, provided the stock trades above certain minimum threshold prices.
Based on the two disclosed transactions, Les has sold about 40% of the shares authorized under the plan, leaving roughly 625,000 shares available for future sales before the plan expires.
Riot has been pursuing opportunities beyond bitcoin mining, including AI and hyperscale data center initiatives at its Rockdale, Texas campus. The company has also expanded its collaboration with AMD at the site, which management has highlighted as part of Riot's broader strategy to monetize its large-scale power infrastructure.
