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Riot’s reported 20-year Anthropic agreement is less a Bitcoin story than a capital-allocation signal. The miner would dedicate roughly 191 MW at its Rockdale site to AI compute, with the initial deal valued near $9.1B and full commercialization due by June 2028; extensions could lift the value to $16.1B. The measured takeaway: if this model scales, miners may be valued less as leveraged BTC proxies and more as owners of scarce power and data-center capacity. That could diversify cash flow and potentially alter sell pressure, though execution risk remains significant. The 20%+ premarket share move suggests investors are already testing that re-rating. Not advice, just analysis. #RiotSignsAnthropicDeal