What Riot Platforms, Inc. told the SEC could break it.

Riot's Bitcoin Mining power is primarily obtained from ERCOT, and its two large-scale facilities (Rockdale, 700 MW; Corsicana, 400 MW scaling to ~1 GW) are both in Texas, so ERCOT grid stress, curtailment, or adverse Texas energy/data-center policy would hit nearly all of its mining capacity.

“During the years ended December 31, 2025, 2024, and 2023, Bitcoin Mining power was primarily obtained from ERCOT.”

Riot's entire bitcoin treasury is held in cold storage by just two custodians, NYDIG and Coinbase, with no readily available backup; if either ceased operations or became insolvent, Riot would be forced to self-custody, risking loss of access to or value of its bitcoin.

“We also do not have a readily available additional backup custodian at this time, so if NYDIG or Coinbase were to cease operations, declare insolvency or file for bankruptcy, we would need to self-custody the applicable digital assets using cold storage”

Riot's expansion depends on procuring mining hardware and other specialized technology — primarily imported ASIC miners from MicroBT — so U.S. trade policy and tariffs raise the cost and uncertainty of acquiring and deploying new miners, directly threatening its growth capex.

“Changes in U.S. trade policy, including the imposition of tariffs and the resulting consequences, may have a material adverse impact on our business, financial condition and results of operations.”