NEW YORK, Jan 2, 2026, 12:48 ET — Regular session
- Riot Platforms shares rose about 11% in midday trading, tracking a broad rally in bitcoin miners.
- Bitcoin climbed about 2.5%, lifting sentiment across crypto-linked equities.
- A recently disclosed $500 million at-the-market share-sale program remains an overhang investors are watching.
Riot Platforms shares jumped 11.3% to $14.11 in midday trading on Friday, after swinging between $12.66 and $14.12 earlier in the session.
The move matters because bitcoin miners often trade like a leveraged bet on the price of bitcoin — when the token rises, miners’ shares can move more as investors reprice expected cash generation. Bitcoin was up about 2.5% at around $90,482.
Riot also sits under a fresh funding headline after it disclosed a new at-the-market offering program — a structure that lets a company sell shares into the open market over time at prevailing prices, raising cash but potentially diluting existing shareholders. In a recent SEC filing, Riot said it could sell up to $500 million of common stock under the program and would pay sales agents a commission of up to 1% of gross proceeds. 1
Other bitcoin miners moved sharply higher alongside Riot. Marathon Digital rose about 10.1% and CleanSpark gained about 13.4% in midday trading.
Bitcoin’s increasing tendency to trade with broader risk appetite has become a key lens for equity investors trying to price miners day to day. “Bitcoin increasingly exhibits the characteristics of a risk asset … with a notable correlation to the U.S. equity market,” said Linh Tran, a senior market analyst at XS.com. 2
That linkage can amplify swings in miner stocks because their revenues are closely tied to bitcoin, while big chunks of their costs — power, facilities and equipment — do not adjust as quickly.
For Riot, the new at-the-market program gives management flexibility to raise capital in smaller bites instead of a single, discounted stock sale. Traders will watch whether the company taps it aggressively, which can weigh on shares even when bitcoin is rising.
The stock’s sharp move Friday suggests investors were focused more on the sector’s beta to crypto prices than on dilution worries, at least intraday. The rest of the session will test whether those gains stick into the close.
Riot has also been evaluating ways to monetize its large power footprint beyond bitcoin mining, including potential uses tied to artificial intelligence and high-performance computing, an effort that has drawn investor attention. 3
More broadly, markets opened 2026 with a risk-on tone in parts of equities and cryptocurrencies, leaving crypto-linked shares sensitive to shifts in sentiment through the afternoon. 4
What investors are watching next is straightforward: bitcoin’s direction, any further disclosures that hint at how quickly Riot may sell stock under the program, and signs of continued demand for large-scale data-center power capacity across the sector.
