Riot Platforms (NASDAQ: RIOT) sold 10,599 Bitcoin in the third quarter, drawing down its cryptocurrency reserves as it expanded into data centers and signed a $28 billion lease for its Corsicana campus in Texas.

The sales amounted to about 6.5 times the company’s quarterly Bitcoin production. Riot ended September with 2,418 Bitcoin, down almost 79% from 11,380 at June 30, according to figures accompanying its Nov. 4 earnings release.

The quarterly sales figure is calculated by adding Riot’s production of 1,637 Bitcoin to its opening holdings and subtracting the September balance. It also matches the difference between the 20,264 Bitcoin Riot said it sold in the first nine months and the 9,665 sold in the first half, disclosed in its June quarterly filing.

Riot said its nine-month Bitcoin sales generated approximately $1.5 billion, primarily to fund data-center development. The disposals underscore how the company is using its cryptocurrency reserves to finance a business whose largest new projects are not scheduled to begin delivery until 2027.

The company announced a 15-year lease with an unidentified artificial intelligence laboratory covering all 910 megawatts of critical IT capacity at Corsicana. Riot expects approximately $28 billion in contracted revenue over the initial term, rising to about $54 billion if the tenant exercises both five-year extension options.

Under the agreement, Riot will provide land, power infrastructure and prepared sites for the tenant’s computing equipment. The tenant will procure, own and operate the modular computing facilities and bear all operating costs substantially. Rent is payable on the full contracted capacity regardless of utilization.

Riot estimates development costs of approximately $5.5 billion, or $6 million per megawatt. It will fund $2 million per megawatt for site work and electrical infrastructure, with another $4 million per megawatt reimbursed to the tenant after each phase is delivered and paying rent.

The company expects to finance those reimbursements with project debt. If financing on comparable market terms is unavailable, the tenant will fund that portion directly and recover it through credits against future rent.

Delivery is scheduled in three phases: 400 megawatts in September 2027, 200 megawatts in January 2028 and 310 megawatts in July 2028. Riot said it does not currently anticipate issuing equity to fund its announced projects.

Together with existing agreements at Rockdale, including its AMD lease, the Corsicana transaction brings Riot’s contracted data-center capacity to 1,151 megawatts. The company projects more than $2 billion in average annual net operating income at full deployment.

For the third quarter, total revenue edged up to $181.4 million from $180.2 million a year earlier, as data-center and engineering growth offset weaker Bitcoin mining revenue.

Mining revenue fell about 28% to $116 million. Riot’s average Bitcoin price declined to $70,855 from $114,361, outweighing a 16% increase in production. Its average cost to mine a Bitcoin, excluding depreciation, fell to $39,265 from $46,324, helped by $24.7 million in power-curtailment credits.

Data-center revenue totaled $18.4 million, including $7.7 million in base rent and $10.2 million in tenant fit-out reimbursements. Engineering revenue rose to $47 million from $19.1 million.

Riot ended September with $748.2 million in cash, including $79.2 million restricted, and Bitcoin valued at approximately $202 million. It also repaid and terminated its $200 million Coinbase credit facility, releasing all pledged Bitcoin.

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