Form 4: Riot Platforms CEO Sells Shares Under 10b5-1 Plan

Riot Platforms CEO Jason Les sold 12,800 shares of common stock for $20.00 per share on September 29, 2025, as part of a pre-arranged Rule 10b5-1 trading plan.

Summary

• Jason Les, CEO and Director of Riot Platforms, Inc. (RIOT), reported a sale of common stock.
• The transaction involved the disposition of 12,800 shares of Riot Platforms common stock.
• The shares were sold on September 29, 2025, at a weighted average price of $20.00 per share, with prices ranging from $20.00 to $20.005.
• This sale was executed pursuant to a Rule 10b5-1 trading plan adopted by Mr. Les on September 10, 2024.
• Following the transaction, Mr. Les directly owns 7,253,244 shares and indirectly owns 883,859 shares through The Jason M. Les Trust dated March 8, 2021.

Sentiment

Score: 6

Explanation: The sale of shares by a CEO could be perceived negatively, but the execution under a pre-arranged Rule 10b5-1 trading plan suggests it was not based on new, adverse material non-public information, making it a more neutral event.

Positives

• The sale was conducted under a Rule 10b5-1 trading plan, indicating it was pre-scheduled and not based on recent material non-public information.

Negatives

• Insider selling, even under a 10b5-1 plan, can sometimes be perceived negatively by investors as it reduces management's direct equity stake.

Risks

• No specific risks to the company's operations or financial health are mentioned in this Form 4 filing.

Future Outlook

NA

Management Comments

• 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.
• 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.

Industry Context

This Form 4 filing reports an insider transaction, which is a routine disclosure for publicly traded companies. It does not provide information related to broader industry trends or competitive landscape, focusing solely on the personal stock transactions of a key executive.

Stakeholder Impact

• Shareholders: May view the sale with slight concern, though the 10b5-1 plan provides transparency and reduces the implication of opportunistic selling.

Key Dates

Recommendation

The Form 4 reports a routine insider sale by the CEO under a pre-arranged 10b5-1 plan. While insider selling can sometimes be a negative signal, the pre-scheduled nature of the transaction mitigates concerns about opportunistic selling based on undisclosed negative information. This single transaction does not provide sufficient new information to warrant a change in investment recommendation for Riot Platforms, suggesting a 'hold' position is appropriate based solely on this filing.

Keywords

Riot Platforms, RIOT, Jason Les, Insider Trading, Form 4, Stock Sale, 10b5-1 Plan, CEO, Director, Common Stock, Beneficial Ownership