Was the May 11, 2026 Riot Platforms (RIOT) CEO share sale pre-planned?

Yes. The Form 4 states the sales were effected under a Rule 10b5-1 trading plan adopted by Jason Les on August 25, 2025. Such plans schedule trades in advance, reducing the significance of short-term market timing.

Riot Platforms (RIOT) CEO’s trust sells 175,000 shares in planned 10b5-1 trade

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Riot Platforms, Inc. director and CEO Jason Les reported an open-market sale of 175,000 shares of common stock at a weighted average price of $25.19 per share through a trust associated with him. The sale was executed under a pre-arranged Rule 10b5-1 trading plan adopted on August 25, 2025.

Following the transactions reported, Les continues to hold 7,942,573 shares of common stock directly and 1,326,259 shares indirectly through the trust. This filing reflects a net selling activity but also shows that he retains a substantial ownership position in the company.

Insights

CEO sale is pre-planned and small relative to disclosed holdings.

The filing shows a trust associated with CEO Jason Les sold 175,000 Riot Platforms shares at a weighted average of $25.19 per share. The transaction is labeled as an open-market sale and categorized as a non-derivative event.

A key detail is that the sale was effected under a Rule 10b5-1 trading plan adopted on August 25, 2025, indicating it was pre-scheduled rather than an opportunistic trade. Les still holds 7,942,573 shares directly and 1,326,259 shares indirectly, so the sale represents only a portion of his disclosed stake.

There are no derivative exercises or new grants in this filing, and the net picture is a routine reduction in indirect holdings. Subsequent company filings can provide further context on any additional transactions under this 10b5-1 plan.

Insider Trade Summary 10b5-1

Net Seller: 175,000 shares ($4,408,250)

Net Sell 2 txns

Insider Les Jason

Role CEO

Sold 175,000 shs ($4.41M)

Type	Security	Shares	Price	Value
Sale	Common Stock	175,000	$25.19	$4.41M
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 1,326,259 shares (Indirect, See Footnote); Common Stock — 7,942,573 shares (Direct, null)

Footnotes (1)

The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on August 25, 2025. These shares were sold on the indicated date in a series of multiple transactions at prices ranging from $25.00 to $25.47, inclusive, per share. The price reported above reflects the weighted average sales price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares and prices at which the transactions were effected. Shares held in trust by Jason M. Les, as Trustee of The Jason M. Les Trust dated March 8, 2021.

Key Figures

Shares sold: 175,000 shares Weighted average sale price: $25.19 per share Direct holdings after transaction: 7,942,573 shares +2 more

5 metrics

Shares sold 175,000 shares Open-market sale on May 11, 2026

Weighted average sale price $25.19 per share Common stock sale range $25.00–$25.47

Direct holdings after transaction 7,942,573 shares Common stock held directly by Jason Les

Indirect holdings after transaction 1,326,259 shares Common stock held through The Jason M. Les Trust

Net buy/sell shares 175,000 shares net sold Form 4 transaction summary shows net-sell direction

Key Terms

Rule 10b5-1 trading plan, weighted average sales price, open-market sale, indirect ownership, +1 more

5 terms

Rule 10b5-1 trading plan regulatory

"The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person..."

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

weighted average sales price financial

"These shares were sold ... at prices ranging from $25.00 to $25.47 ... The price reported above reflects the weighted average sales price."

open-market sale financial

"transaction_action: open-market sale"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

indirect ownership financial

"direct_or_indirect: I, ownership_type: indirect, nature_of_ownership: See Footnote"

trust financial

"Shares held in trust by Jason M. Les, as Trustee of The Jason M. Les Trust dated March 8, 2021."

Form 4 Insider Transactions: What Each Field Means →

05/13/2026 - 04:45 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Les Jason

(Last)

(First)

(Middle)

C/O RIOT PLATFORMS, INC.

3855 AMBROSIA STREET, SUITE 301

(Street)

CASTLE ROCK

COLORADO

80109

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Riot Platforms, Inc. [ RIOT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	CEO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/11/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/11/2026		S⁽¹⁾		175,000	D	$25.19⁽²⁾	1,326,259	I	See Footnote⁽³⁾
Common Stock								7,942,573	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on August 25, 2025.

2. These shares were sold on the indicated date in a series of multiple transactions at prices ranging from $25.00 to $25.47, inclusive, per share. The price reported above reflects the weighted average sales price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares and prices at which the transactions were effected.

3. Shares held in trust by Jason M. Les, as Trustee of The Jason M. Les Trust dated March 8, 2021.

	/s/ Tanya McGill, Attorney-in-Fact for Jason Les	05/13/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Riot Platforms (RIOT) disclose for CEO Jason Les?

Riot Platforms disclosed that a trust associated with CEO Jason Les sold 175,000 common shares in an open-market transaction at a weighted average price of $25.19 per share. The transaction was reported on a Form 4 insider filing.

How many Riot Platforms (RIOT) shares does CEO Jason Les hold after the reported sale?

After the reported transactions, Jason Les holds 7,942,573 Riot Platforms common shares directly and 1,326,259 shares indirectly through a trust. These figures show he retains a substantial equity position despite the 175,000-share sale.

At what price were the Riot Platforms (RIOT) shares sold in the CEO’s reported transaction?

The shares were sold at prices ranging from $25.00 to $25.47 per share, with a reported weighted average sales price of $25.19. The Form 4 notes the CEO can provide detailed trade breakdowns upon request.

Who actually holds the Riot Platforms (RIOT) shares sold in the Form 4 filing?

The 175,000 shares were held in trust by Jason M. Les, as Trustee of The Jason M. Les Trust dated March 8, 2021. The filing classifies this position as indirect ownership associated with the CEO.