Riot started 2026 with 18,005 BTC and had 2,418 by Sep 30. Today it leased its whole Corsicana campus, 910 MW, to a frontier AI lab for 15 years and ~$28B. Its AI book is now $38B.

7 miners reported $4.5B+ of bitcoin sold this year, and 9 hold $155B+ in AI and HPC contracts. TeraWulf and IREN sell every coin they mine.

Not every stack is shrinking. CleanSpark grew its stack to 13,530 BTC and still signed a $6.6B lease with Meta. American Bitcoin keeps stacking (+48%). MARA sold 23,093 BTC in H1 to cut debt and has no AI lease yet. IREN already earns more from AI cloud than from mining.