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

Riot Platforms CEO Jason Les reported the sale of 62,703 shares of common stock for an average price of $30.09 per share, executed under a pre-established Rule 10b5-1 trading plan.

Summary

• Riot Platforms CEO Jason Les sold 62,703 shares of common stock on June 22, 2026.
• The sales were conducted under a Rule 10b5-1 trading plan adopted on August 25, 2025.
• The weighted average sale price was $30.09 per share, with individual transactions ranging from $30.00 to $30.31.
• Following these transactions, Les beneficially owns 1,263,556 shares indirectly through The Jason M. Les Trust and 7,942,573 shares directly.

Sentiment

Score: 4

Explanation: StockSavvy.ai views this as a slightly negative sentiment due to the CEO selling a notable number of shares, despite the sale being conducted under a pre-planned Rule 10b5-1 trading plan.

Positives

• The transactions were executed under a Rule 10b5-1 plan, indicating pre-planned and potentially non-insider trading related sales.
• The CEO continues to hold a significant number of shares directly (7,942,573) and indirectly (1,263,556), suggesting continued confidence in the company.

Negatives

• A significant number of shares were sold by the CEO, which could be perceived negatively by the market.
• The sale of 62,703 shares represents a reduction in the CEO's direct beneficial ownership.

Risks

• Potential for negative market perception due to insider selling, even if conducted under a 10b5-1 plan.
• Future sales under the 10b5-1 plan could further reduce the CEO's direct holdings.

Future Outlook

The filing does not contain forward-looking statements or guidance. It solely reports on past transactions.

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 August 25, 2025.
• 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.

Industry Context

StockSavvy.ai notes that insider selling, even under a Rule 10b5-1 plan, is a common event for executives in the cryptocurrency and technology sectors. Such plans are designed to allow executives to sell shares without violating insider trading rules, but they can still influence market perception.

Stakeholder Impact

• Shareholders may view the CEO's sale of shares negatively, potentially impacting stock price in the short term.
• The continued significant ownership by the CEO and the trust may provide some reassurance to investors.

Next Steps

• The Reporting Person may continue to sell shares under the Rule 10b5-1 trading plan.
• The company may provide further information regarding the transactions upon request from regulatory bodies or security holders.

Key Dates

Recommendation

The filing reports a sale of shares by the CEO under a Rule 10b5-1 plan. While insider selling can be a negative signal, the pre-planned nature of the transaction and the CEO's substantial remaining holdings suggest that this is likely a planned divestment rather than a reflection of negative company outlook. Therefore, a 'hold' recommendation is appropriate, pending further company performance data.

Keywords

Riot Platforms, RIOT, Form 4, Insider Trading, Stock Sale, CEO, Jason Les, Rule 10b5-1, Beneficial Ownership, Securities Exchange Act