Bitcoin mining stocks rally as Riot inks AMD deal and Galaxy targets massive expansion in Texas

Riot Platforms (Nasdaq: RIOT) is up more than 14% on Friday following an announcement that the company is expanding its Rockdale, Texas site through a sizable land acquisition deal and has inked a data center lease with major semiconductor firm AMD.The AMD deal will provide Riot with at least $311 million in contract revenue over an initial term of 10 years, with further extension options that could boost spending to $1 billion. AMD will lease about 25 megawatts of critical IT load capacity with an agreement to scale up to 200 MW, making AMD a not insignificant client for the firm that currently manages about 1.7 GW of power capacity across its two Texas facilities.These "transformative transactions" are just the latest moves in the bitcoin mining space, as leading firms continue to double down on high-performance computing, particularly with investments in the United States.According to the announcement, Riot has acquired about 200 acres of land in Milam County, Texas, that it previously leased for its Rockdale data center. The $96 million deal was funded by the sale of 1,080 bitcoin from Riot's balance sheet.Acquiring the land ensures "operational stability" for the firm, as it looks to convert the full 700 MW of gross power capacity at the site for data center operations. The site, situated in a "business-friendly jurisdiction," also features a dedicated water supply and fiber connectivity."At AMD, advancing high-performance computing and AI requires partners that can match our pace and scale," AMD CIO Hasmukh Ranjan said. "We're excited to work with Riot, whose capabilities, power availability, and high-density solutions align with our infrastructure roadmap. This collaboration strengthens our ability to deliver the performance and scalability the AI ecosystem demands."Helios-centric universe Galaxy Digital Holdings (Nasdaq: GLXY) also announced plans to expand in Texas this week. Authorities at the Electric Reliability Council of Texas (ERCOT), which operates the state’s electrical grid, approved an 830 MW connection for its massive Helios facility, which seemingly would make it the largest single-site facility in the U.S., with a theoretical capacity of 1.6 GW.Michael Novogratz, CEO of Galaxy, joined CNBC's Squawk Box on Friday to say the firm is considering even more land opportunities in Texas, noting that there is "huge demand from hyperscalers on this side of 2030."GLXY is up over 6% on the day to $34, following a 13% rally on Thursday. The stock is now up about 57% year-to-date, according to The Block's data.These news items come on the heels of other announcements this week from CleanSpark (Nasdaq: CLSK) and Bitfarms (Nasdaq: BITF), which are also making headway on huge U.S. expansions. CleanSpark signed a definitive agreement to acquire 447 acres in Texas, with plans to develop a "large-scale data center," while Bitfarms is moving to redomicile in the U.S. from Canada.Mining stocks in general are up significantly compared to other crypto-related public companies on Friday, and are leading The Block’s list of crypto company equities. IREN is up 12.8%, Cypher 8%, and MARA 6%, for example, while RIOT, leading the pack, is approaching a multi-year high.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.© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.