Riot Platforms Inc (NASDAQ:RIOT) has entered into a definitive agreement for a new at-the-market (ATM) offering program of up to $500 million of its common stock.
In a filing with the US Securities and Exchange Commission, the company said its sales agents may sell shares from time to time through the Nasdaq Capital Market and other permitted trading venues at prevailing market prices.
The program was put in place on December 30 and replaces Riot’s prior ATM offering established in 2024, which was terminated upon the launch of the new agreement.
Riot said it intends to use the net proceeds from the offering primarily to meet its capital expenditure requirements and to support potential strategic acquisitions.
The company also indicated that funds may be allocated toward investments in existing and future data centers, Bitcoin mining projects, and general corporate and working capital needs.
In addition, Riot noted that proceeds could be used to support stock buyback programs as part of its broader capital allocation strategy, though no specific amounts or timelines were disclosed.