Riot Platforms stock dropped 8.9% to close at 16.34 euros on Friday, pressured by profit-taking across the Bitcoin mining sector despite a stable broader cryptocurrency market and a 45% gain since the start of the year. According to market observers cited in financial reports, the pullback follows a strong multi-month rally for the Texas-based infrastructure firm.
### Riot DC Logistics Secures $573 Million Credit Line
Riot Platforms secured a credit facility of up to $573 million through its subsidiary Riot DC Logistics, according to company disclosures. A bank consortium led by Morgan Stanley Senior Funding provided the capital to finance the Rockdale data center project in Texas, which is designed to reach a 191-megawatt capacity.
The financing initiative highlights Riot’s ongoing pivot away from pure-play cryptocurrency mining toward high-performance computing and artificial intelligence infrastructure. Including a prior agreement with artificial intelligence lab Anthropic and existing leases with AMD, Riot has tied up a total of 241 megawatt capacity at the Rockdale facility, according to corporate announcements.
### Production Costs Outpace Market Prices in Q2
Operational data for the second quarter reveals mounting cost pressures within Riot’s core mining business. The company produced 1,587 Bitcoin during the quarter, with total production costs climbing to 90,631 US-Dollar per coin, according to company filings. That figure exceeded the average market price of 71,667 US-Dollar observed during the same period.
To fund its capital-intensive expansion into artificial intelligence infrastructure, Riot sold 9,665 Bitcoin during the first half of the year. According to regulatory disclosures, those sales reduced the company’s treasury holdings to 11,380 Bitcoin as of June 30.
### Wall Street Analysts and Institutional Investors Back the AI Strategy
Despite high mining costs, major financial institutions maintain positive ratings on Riot Platforms due to its strategic shift toward data centers. JPMorgan analysts raised their price target to $22 on August 19 and reaffirmed an “Overweight” rating, pointing to the economic terms of the 20-year lease with Anthropic.
Bernstein reiterated its “Outperform” rating on Wednesday with a price target of $30, emphasizing that Riot’s permitted grid capacities in Texas carry significant scarcity value following state regulatory tightening on new data center applications. Institutional backing has also grown, as Stanley Druckenmiller’s Duquesne Family Office disclosed a new position of 754,800 shares in Riot Platforms in an August 21 regulatory filing.