RIOT
Riot Platforms Inc.
Is RIOT Halal?
Bitcoin mining company — speculation concerns.
What You Should Know
Riot operates Bitcoin mining operations. Speculation element present. Its March 31, 2026 Form 10-Q reports $3,438.020 million of assets, $842.163 million of interest-bearing debt, $205.666 million of cash, $66.569 million of receivables and $167.219 million of quarterly revenue. Debt/assets is 24.50% and the financial ratios pass, but the disclosed $111.895 million bitcoin-mining revenue proxy keeps the overall activity screen failed.
⚠️ Concerns
- •Speculation
- •Bitcoin price volatility
- •Data-center transition
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
842.163 / 3,438.02
205.666 / 3,438.02
272.235 / 3,438.02
2.313 / 167.219
- Financial
- Pass
- Overall
- Fails
Debt/assets is 24.50%, liquidity/assets is 5.98%, receivables-plus-cash/assets is 7.92% and disclosed interest income is 1.38%; the bitcoin-mining activity proxy fails the retained qualitative/business screen.
- Financial
- Pass
- Overall
- Fails
Debt, liquidity and receivables-plus-cash are below the examined total-assets limits, but the bitcoin-mining core-business screen fails. This is not an index-membership claim.
- Financial
- Pass
- Overall
- Fails
Debt/assets and identifiable conventional cash are below the examined Malaysia limits; the disclosed bitcoin-mining proxy fails the retained activity assessment.
- Financial
- Not calculated
- Overall
- Fails
A properly licensed and reproducible historical market-cap series is not stored; market-cap methods cannot cure the activity failure.
Business-activity disclosure
Riot operates bitcoin mining, data centers and engineering businesses. Bitcoin mining is the core qualitative concern because scholars differ on digital-asset permissibility and the speculative exposure remains material.
Limitation: The filing reports segment revenue but does not allocate a scholar-universal prohibited-revenue numerator; bitcoin-mining revenue is used only as a conservative disclosed proxy.
Purification
Riot discloses $2.313 million of interest income, but no scholar-approved purification percentage is asserted for digital-asset or data-center activity.
Inputs, assumptions and primary sources
- Amounts are USD millions from Riot's March 31, 2026 Form 10-Q.
- Interest-bearing debt is current debt of $254.502 million plus debt less current portion of $587.661 million; operating leases and contingent consideration are excluded.
- Cash is $205.666 million; accounts receivable is $66.569 million; quarterly revenue is $167.219 million.
- Bitcoin-mining revenue of $111.895 million is used as a disclosed conservative activity proxy. Data-center and engineering revenue remain unallocated, so this is not a claim that every dollar of revenue is impermissible.
- Disclosed interest income is $2.313 million, or 1.38% of quarterly revenue.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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