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

Rhea-AI Filing Summary

Jason Les, reported as a Director and CEO of Riot Platforms, Inc. (RIOT), executed sales of 113,948 shares of the issuer's common stock on 10/03/2025. The sales were made pursuant to a Rule 10b5-1 trading plan adopted on 9/10/2024 and realized a weighted average price of $20.04 per share. The filing shows the Reporting Person retains reported beneficial ownership of 769,911 shares indirectly (held in trust) and a separate reported direct holding of 7,253,244 shares following the transactions. The Form 4 is signed by an attorney-in-fact and includes an undertaking to provide transaction-level details on request.

Positive

• Sales executed via a Rule 10b5-1 plan, which provides pre-authorization and reduces insider-trading uncertainty
• Reporting person retains sizable holdings (7,253,244 direct and 769,911 indirect), indicating continued ownership stake

Negative

• Insider sold 113,948 shares, which could be perceived negatively by some investors
• Weighted average sale price $20.04 may anchor market perception of insider valuation at the time of sale

Insights

Corporate Governance & Insider Trading Specialist

Insider sales under a pre-existing 10b5-1 plan; material share counts disclosed.

The filing documents an insider-initiated sale of 113,948 shares on 10/03/2025 executed under a Rule 10b5-1 trading plan adopted on 9/10/2024. Using a trading plan signals the trades were pre-authorized and intended to provide an affirmative defense to insider trading allegations.

The reported weighted average sale price was $20.04 per share and the filer still reports beneficial ownership of 769,911 shares indirectly (in trust) and 7,253,244 shares directly. This level of retained ownership can be relevant to assessments of continued insider alignment with shareholders.

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).

X

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 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)
10/03/2025

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	10/03/2025		S(1)		113,948	D	$20.04(2)	769,911	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 $20.00 to $20.145, 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/ Jamie Amentler, Attorney-in-Fact for Jason Les	10/03/2025
	** 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

What did Riot Platforms (RIOT) insider Jason Les do on 10/03/2025?

Jason Les sold 113,948 shares of RIOT common stock on 10/03/2025 pursuant to a Rule 10b5-1 trading plan.

At what price were the RIOT shares sold by the insider?

The filing reports a weighted average sales price of $20.04 per share (individual transaction prices ranged from $20.00 to $20.145).

Does the Form 4 say the trades were pre-planned?

Yes. The sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 9/10/2024.

How many RIOT shares does Jason Les report owning after the sale?

The Form 4 reports beneficial ownership of 769,911 shares indirectly (held in trust) and a reported direct holding of 7,253,244 shares.

Who signed the Form 4 for Jason Les?

The Form 4 is signed by Jamie Amentler, Attorney-in-Fact for Jason Les, dated 10/03/2025.