Riot Platforms (NASDAQ:RIOT), a Bitcoin mining and data center operator, closed Friday at $19.23, up 16.05%. The stock moved higher after news of a long-term data center lease with Advanced Micro Devices (AMD) and a land purchase in Rockdale. Trading volume reached 53.4 million shares, about 172% above its three-month average of 19.7 million shares. Riot Platforms repositioned itself as a Bitcoin miner in 2016 and has grown by 612% since then.
The S&P 500 slipped 0.07% to 6,939, while the Nasdaq Composite edged down 0.06% to 23,515. Peers Mara Holdings and Hut 8 rose by 6.57% and 4.14%, respectively, as the market weighed recent deals made in the Bitcoin mining and data center operators niche.
Riot Platforms purchased 200 acres of land it already operated on in Rochdale, Texas, for $96 million, using 1,080 of its 18,005 Bitcoin hoard to fund the deal. Now, as the owner of the land, Riot immediately signed a 10-year data center lease and data services agreement with AMD to provide up to 200 megawatts of critical information technology load capacity, under a $311 million contract.
If AMD agrees to all three of the five-year options, the contract could grow to around $1 billion. As Riot — and many other miners — diversify into data center hosting, the market has responded positively.
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Josh Kohn-Lindquist has positions in Advanced Micro Devices. The Motley Fool has positions in and recommends Advanced Micro Devices. The Motley Fool has a disclosure policy.
Stock Market Today, Jan. 16: Riot Platforms Surges After Securing AMD Data Center Lease was originally published by The Motley Fool
