RIOT - Riot Platforms May Over Power Marathon Digital As Largest Publicly Traded Bitcoin Miner - Analyst Explains How | Benzinga
ROTH MKM analyst Darren Aftahi reiterated a Buy rating on Riot Platforms, Inc. (NASDAQ:RIOT), with a price forecast of $20.
Yesterday, the company made a proposal to acquire Bitfarms Ltd. (NASDAQ:BITF) and accumulated a 9.25% stake.
Per Aftahi, the combination would add a more diversified power footprint to Riot Platforms’ portfolio, with Bitfarms operating 13 sites across four countries, with major exposure in Latin and South America, which itself does propose some geopolitical and regulatory risks.
This would help diversify Riot Platforms’ power footprint geographically and make it the largest publicly traded miner by 2024 at 52 EH/s and a long-term power capacity of 2.2GW.
The development will also make it the largest publicly traded miner by hash rate, slightly ahead of Marathon Digital Holdings, Inc.’s ...