Riot Platforms has launched a new $500 million at-the-market stock offering as its Bitcoin production declined in November.
The move comes as the miner continues to sell a large share of its monthly Bitcoin output to fund expansion plans.
Riot disclosed the new equity programme in a filing with the US Securities and Exchange Commission.
The agreement allows Riot to issue and sell up to $500 million of common stock through the Nasdaq Capital Market.
Shares will be sold at prevailing market prices at the company’s discretion.
The new facility replaces a previous at-the-market stock programme launched in August 2024.
Riot said the earlier programme was terminated earlier this week.
Under the previous agreement, the company sold approximately $600.5 million worth of shares.
Around $149.5 million of capacity remained unused when the old programme was closed.
Riot said the new offering provides greater flexibility as it continues to scale operations.
Proceeds will be used to fund capital expenditures and potential strategic acquisitions.
The company said funds may also support investments in existing and future data centres.
Bitcoin mining infrastructure projects are also listed as a key use of proceeds.
Riot added that general corporate purposes will be supported by the capital raise.
The company said stock buybacks could also be funded using the proceeds.
Working capital requirements may be met through the new equity programme.
Riot continues to prioritise expansion across its Texas operations.
The fundraising announcement coincided with a mixed monthly production update.
Riot said it produced 428 Bitcoin during November.
That figure represented a 14% decline compared with the same month last year.
The company attributed lower output to operational and network factors.
Despite reduced production, Riot continued selling most of its mined Bitcoin.
Management said sales help fund growth rather than relying solely on debt.
Some analysts continue to see long-term upside for large-scale miners.
Riot shares were down nearly 1% in Wednesday trading following the announcement.
At the time of reporting, Bitcoin price was $87,895.31.