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

Rhea-AI Filing Summary

Jason Les, listed as Director and CEO of Riot Platforms, Inc. (RIOT), reported sales of company common stock on September 29, 2025. The filing shows one sale effected under a Rule 10b5-1 trading plan adopted September 10, 2024, with transactions executed in a series at prices ranging from $20.00 to $20.005 and a weighted average price of $20.00. The Form 4 lists a disposition of 12,800 shares and an additional reported disposition of 7,253,244 shares. After the reported transactions the filing shows 883,859 shares beneficially owned indirectly in a trust where Mr. Les is trustee.

Positive

• Sales were executed under a Rule 10b5-1 trading plan, which the filing explicitly states was adopted on 09/10/2024
• Weighted average sale price disclosed at $20.00 with the price range $20.00–$20.005, showing price transparency

Negative

• Large reported dispositions including a disposal line of 7,253,244 shares and a separate line of 12,800 shares
• Significant reduction in reported beneficial ownership implied by the disposals relative to prior holdings (only 883,859 shares shown as indirectly owned post-transaction)

Insights

Securities Analyst

TL;DR: Insider reported sizable share disposals on a pre-established 10b5-1 plan at an average price of $20.00 per share.

The Form 4 documents sales by Jason Les on 09/29/2025 executed pursuant to a Rule 10b5-1 trading plan adopted 09/10/2024, with execution prices ranging $20.00–$20.005 and a reported weighted average of $20.00. The filing lists a disposition of 12,800 shares and a separate reported disposition of 7,253,244 shares. Following these transactions the filing reports 883,859 shares held indirectly in a trust. This is a factual disclosure of insider selling; the filing does not state motives or any changes to holdings beyond the numbers reported.

Corporate Governance Expert

TL;DR: The insider sale was executed under an established 10b5-1 plan; the Form 4 records large disposals and remaining indirect holdings in a trust.

The report clearly states the trades were made under a Rule 10b5-1 plan adopted on 09/10/2024 and details the price range and weighted average price. It identifies Mr. Les as both Director and CEO and discloses indirect ownership via The Jason M. Les Trust dated March 8, 2021. The filing is procedural and compliant in format; it provides no additional governance actions or changes in officer/director status.

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)
09/29/2025

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	09/29/2025		S(1)		12,800	D	$20(2)	883,859	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 $20.005, 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	10/01/2025
	** 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 Jason Les report selling in the RIOT Form 4?

He reported dispositions of 12,800 shares and 7,253,244 shares of Riot Platforms common stock on 09/29/2025.

Were the RIOT sales made under a trading plan?

Yes. The filing states the sales were effected pursuant to a Rule 10b5-1 trading plan adopted on 09/10/2024.

What prices were the RIOT shares sold at?

Transactions were executed at prices ranging $20.00 to $20.005 per share with a weighted average sales price of $20.00.

How many RIOT shares does Jason Les still beneficially own after the reported sales?

883,859 shares are reported as beneficially owned indirectly in a trust after the transactions.

Who signed the Form 4 filing for Jason Les?

/s/ Tanya McGill, Attorney-in-Fact for Jason Les signed the filing dated 10/01/2025.