Riot's $28B Anthropic deal could carry 12% interest, via rent cuts
Bitcoin miner Riot has sold most of its bitcoin to fund a data center pivot, and its newest agreement lets Anthropic help finance the build and earn interest through rent deductions.
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Key takeaways
- Riot's reported deal with Anthropic is valued at $28 billion
- Anthropic could earn 12% interest on financing it provides
- The interest would be collected through deductions from rent, not cash payments
- Riot has sold most of its bitcoin to pay for its shift into data centers
Riot Platforms could end up paying Anthropic 12% interest under a $28 billion AI data center deal, according to CoinDesk's reporting on Thursday. Here's the odd part: the money moves through the rent. Anthropic can fund part of the build, then get its interest back as deductions from the rent it pays.
What's in the deal
We don't have much to go on, but the structure isn't hard to read. Anthropic isn't just a tenant. It can help finance construction, and its return on that financing comes out of the rent line, not a separate check.
Think about that for a second. The customer is also, in part, the lender.
Riot has already cashed out
This follows Riot selling most of its bitcoin to pay for its move into data centers. The treasury that once defined the company? Largely converted into capital for AI infrastructure. This isn't a side project anymore.
Why it matters
Own mining stocks for bitcoin exposure? Check what you actually hold. Riot is turning into a landlord for AI compute, and its results will lean on that business, not on hash rate or coin holdings. The 12% rate also hints at what this kind of build costs, and how much risk is getting priced in. Miners with cheap power and grid connections suddenly have something AI labs want. Is that a durable second life or a one-off windfall? Nobody knows yet.
Source: CoinDesk
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