[Form 4] Riot Platforms, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Serve Robotics (SERV) Form 4 filing: On 22 Jul 2025, Chief Hardware & Manufacturing Officer Euan Abraham received an award of 126,330 shares of common stock via time-based RSUs (transaction code “A”) at $0 consideration. His direct beneficial ownership rose to 275,185 shares after the grant.

The RSUs vest in 1/16-increments each quarter beginning 1 Aug 2025, conditioned on continued employment. No derivative transactions were reported. Because the grant is compensatory rather than an open-market purchase, it signals alignment of incentives but does not inject personal capital or indicate market-valuation views. The staggered vesting schedule smooths future dilution and encourages long-term retention.

No financial performance data or additional insider activity accompanied the filing; the disclosure is isolated to this single equity award.

Insights

Securities Analyst

TL;DR: Routine RSU grant; modest alignment benefit, negligible immediate valuation impact for SERV.

The 126,330-share RSU award equals deferred compensation, not a cash purchase. While it lifts insider holdings to 275,185 shares, it neither reflects a market-based vote of confidence nor changes liquidity. The award’s four-year vesting does, however, strengthen management retention and shareholder alignment. Share count impact is immaterial unless SERV has a very tight float. Overall, the event is non-market-moving.

Corporate Governance Expert

TL;DR: Standard equity compensation; aligns incentives but adds slight dilution risk.

Quarterly vesting matches best-practice cadence, linking value creation to service continuity. The absence of performance conditions means dilution occurs irrespective of operating results, a potential downside for investors. Still, the grant size appears modest for an officer role, suggesting compensation discipline. No red flags on reporting accuracy—Power of Attorney attached.

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).

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 CO 80109

(City) (State) (Zip)

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

3. Date of Earliest Transaction (Month/Day/Year)
07/21/2025

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

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

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

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/21/2025		S(1)		100,000	D	$15.12(2)	919,911	I	See Footnote(3)
Common Stock								7,253,244	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

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 September 10, 2024.

2. These shares were sold on the indicated date in a series of multiple transactions at prices ranging from $15.00 to $15.245, 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	07/23/2025
	** 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.

FAQ

How many SERV shares did Euan Abraham acquire?

He received 126,330 shares through a restricted stock unit award.

What is Abraham’s total SERV ownership after the transaction?

His direct beneficial ownership increased to 275,185 shares.

When do the SERV RSUs vest?

The RSUs vest 1/16th on Aug 1 2025 and quarterly thereafter, subject to continued employment.

Did the officer purchase shares on the open market?

No. The transaction code "A" indicates a stock award at $0 cost, not an open-market buy.

Does this Form 4 include derivative securities?

No derivative positions were reported in Table II.