Riot’s $9.1 billion AI lease is set to begin paying rent only in December 2027, creating an extended funding gap before the project starts producing lease revenue. In the meantime, the company’s plan depends on Bitcoin sales and project debt that has not yet closed. Riot sold 9,665 BTC in the first half, and 51.2% of its June Bitcoin holdings were pledged, underscoring how closely the interim funding strategy is tied to its crypto balance sheet.