Odaily Planet Daily reports that Jonathan Gibbs, head of Riot Platforms' data center, has departed after less than a year in the role, hindering the company’s AI and high-performance computing (HPC) transformation, causing its stock to drop approximately 6% that day.
Gibbs joined in 2025 to lead Riot’s transition from traditional Bitcoin mining to AI and hyperscale data center operations. The reason for his departure has not been disclosed, and his unvested stock awards (approximately $18.7 million) have been forfeited.
Despite short-term uncertainty caused by personnel changes, Riot had already initiated its transformation, including partnering with AMD to build data centers and beginning to leverage its power resources to provide AI computing services, thereby generating partial revenue conversion.
To support infrastructure investments, the company also reduced its Bitcoin holdings, selling approximately 3,778 BTC in the first quarter of 2026 for around $290 million.
Market sentiment holds that Riot is at a critical stage of dual transformation—mining and AI computing power. Leadership changes may affect the execution pace, but the long-term direction still depends on its ability to deliver on its data center business.