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

Riot Platforms SVP, CAO Ryan D. Werner has sold a significant number of company shares through a pre-arranged trading plan.

Summary

• Ryan D. Werner, SVP, CAO of Riot Platforms, Inc., reported the sale of company common stock on July 7, 2026.
• The sales were executed under a Rule 10b5-1 trading plan adopted on December 2, 2025, which is designed to comply with affirmative defense conditions.
• A total of 10,232 shares were sold at a weighted average price of $21.22, resulting in 893,322 shares beneficially owned after the transaction.
• An additional 7,596 shares were sold at a weighted average price of $21.93, leaving 895,726 shares beneficially owned.

Sentiment

Score: 4

Explanation: StockSavvy.ai views this as a neutral to slightly negative filing due to the significant volume of shares sold by a key executive, despite the sale being conducted under a pre-arranged plan.

Positives

• The transactions were conducted under a Rule 10b5-1 trading plan, indicating adherence to established compliance procedures for insider stock sales.
• The sales were executed at prices between $20.52 and $22.26, suggesting a stable market price during the reporting period.

Negatives

• A significant number of shares were sold by a key executive, which could be perceived negatively by the market.
• The total number of shares sold is 17,828 (10,232 + 7,596).

Risks

• Potential for negative market perception due to insider selling, even if conducted under a pre-arranged plan.
• The Rule 10b5-1 plan itself could be subject to scrutiny if market conditions change significantly around its adoption or execution dates.

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 December 2, 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, particularly under a Rule 10b5-1 plan, is a common occurrence in the cryptocurrency and blockchain industry. While it can sometimes signal a lack of confidence, the pre-planned nature of these sales often mitigates direct interpretation of current market sentiment by the insider.

Stakeholder Impact

• Shareholders: May interpret the sale as a signal of reduced confidence by management, potentially impacting share price, although the Rule 10b5-1 plan mitigates this interpretation.
• Employees: Similar to shareholders, may view insider sales with concern, but the planned nature of the sale may lessen immediate impact.
• Creditors/Suppliers: Unlikely to be directly impacted by this specific filing.

Next Steps

• The reporting person may continue to execute trades under the existing Rule 10b5-1 plan.
• The company may provide further information upon request from the SEC, the Issuer, or security holders regarding the transactions.

Key Dates

Keywords

Riot Platforms, RIOT, Form 4, Insider Trading, Stock Sale, Rule 10b5-1, Ryan D. Werner, SVP CAO, Beneficial Ownership, Securities Exchange Act