Bitcoin mining firm Riot Platforms (NASDAQ: RIOT) has reported a net income of $219.5 million for the second quarter of 2025, nearly reversing the losses it posted earlier this year.
The company’s strong earnings were largely driven by a $470.8 million unrealized gain from revaluing its Bitcoin holdings, a direct result of Bitcoin’s surge to new all-time highs.
This performance marks a sharp rebound from Q1, where Riot reported a net loss of $296.4 million. However, when combining both quarters, the company still sits at a net loss of $76.9 million for the first half of the year. Riot continues to invest heavily in its strategic pivot toward high-performance computing and AI workloads, diversifying beyond pure Bitcoin mining.
The firm mined 1,426 BTC during the second quarter, raising its total holdings to 19,273 BTC—ranking Riot as the fourth-largest Bitcoin holder among publicly traded companies globally.
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CEO Jason Les credited the strong quarter to market tailwinds, saying, “Strong tailwinds in the price of bitcoin contributed to Riot achieving a record $219.5 million in net income and $495.3 million in adjusted EBITDA.”
The results come at a time when mining economics are tightening. The cost to mine one Bitcoin has risen 93% year-over-year, largely due to increased global network hash rate and intensified mining competition.
Despite ongoing operational challenges, Riot’s strategic repositioning and treasury gains suggest the firm is navigating the evolving crypto landscape with renewed momentum.
Kosta Gushterov
Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.
