Riot loses top data center exec as AI and hyperscale buildout ramps up; shares dip 6%

Quick Take

Riot has already begun monetizing its power capacity through early data center deals.
The company’s stock price dropped 6% while its AI-HPC peers are trading flat on the day.

Riot Platforms has lost its chief data center officer less than a year after hiring him to lead its push into AI and hyperscale infrastructure, according to a recent regulatory filing.

A Form 4 filed with the U.S. Securities and Exchange Commission on Tuesday shows that Jonathan Gibbs departed the company effective April 12, forfeiting more than 1.1 million restricted shares worth roughly $18.7 million that had not yet vested.

Details surrounding the departure have not been publicly disclosed.

Gibbs was brought on as Riot Platforms' (RIOT) first chief data center officer in June 2025 to help shift the company toward AI and high-performance computing infrastructure, moving beyond its legacy bitcoin mining business. Prior to Riot, he held senior roles at Prime Data Centers and construction firm ARCO/Murray, overseeing large-scale data center design and development, according to his LinkedIn profile.

Riot's transition had already been taking shape before Gibbs' arrival. Riot began exploring the use of excess capacity at its Corsicana, Texas site for AI-HPC workloads in early 2025, including pulling back on planned mining expansion to preserve power for alternative uses.

Since then, Riot has launched its first data center partnership with AMD and begun generating revenue from those efforts, reporting a record $647 million in annual revenue in 2025.

To help fund its infrastructure investments, Riot has been selling off the bitcoin on its balance sheet. Riot sold 3,778 BTC during the first quarter of 2026 for roughly $290 million, and increased the amount of bitcoin pledged as collateral for its credit facilities.

Shares of Riot fell more than 6% on Wednesday to $17 following the disclosure, though the stock remains near its year-to-date high, according to The Block price data.

Riot Platforms stock price chart. Source: The Block/TradingView

Peers with similar AI ambitions were largely unchanged. Shares of Hive Digital and Keel Infrastructure, formerly Bitfarms, traded mostly flat on the day.

The Block reached out to Riot for comment.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.