Riot Platforms shares jumped 18% in pre-market trading on August 11 after Bloomberg identified Anthropic as the company behind a newly disclosed 20-year computing deal. The rally reverses a selloff triggered a day earlier by Riot's Q2 2026 earnings miss.
Riot Platforms (NASDAQ: RIOT) stock jumped 18% in pre-market trading on August 11 after a Bloomberg report tied the Bitcoin miner to a compute deal with Anthropic. The move reverses the prior session's slide, which followed a disappointing quarterly report.
Anthropic Deal Reverses Q2 Selloff
Riot shares fell 5.46% on August 10 to close at $19 after its Q2 2026 results missed Wall Street's targets. Revenue came in at $153.27 million, below the $155.59 million analysts expected, and earnings per share of -$0.33 fell short of the -$0.23 forecast.
Alongside those results, Riot disclosed a 20-year deal to supply computing power to a company it described as a "leading frontier AI" firm, without naming it. Bloomberg later reported, citing people familiar with the matter, that Claude maker Anthropic is the company behind the agreement, in a deal reported at $9.1 billion. The report triggered the pre-market surge.
The partnership follows a similar arrangement from eight months earlier, when Riot signed a 10-year AI compute lease with AMD.
Stock Nears 50-Day Resistance After Overnight Surge
RIOT is headed for one of its biggest daily gains, rising 21% in overnight trading. The stock is pushing toward 50-day moving average resistance at $23.77. The shares have not closed above that level since July 2. A breakout could extend the move toward the June 26 high of $28.
Still, an RSI reading of 41 suggests momentum still favors sellers after two straight days of heavy selling pressure. RIOT has been rejected at the 50-day resistance several times over the past month, and another failed breakout could send shares back toward psychological support at $20.
Bitcoin Mining Revenue Falls to $113.7 Million
Riot's Q2 filing also showed bitcoin mining revenue dropping to $113.7 million, from $140.9 million in Q2 2025. The company attributed the decline to a falling bitcoin price and a rising global network hash rate.
Unlike Mara Holdings, which sold $1.6 billion worth of bitcoin between January and June 2026, Riot did not disclose any bitcoin sales during the quarter. Riot ended Q2 2026 holding 11,380 bitcoin, worth around $666 million at June's average price of $58,527.
Source: CoinGape
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