RIOT - Riot Platforms Targeted by Kerrisdale Capital's Short Sell Report: Details (UPDATED) | Benzinga
Editor’s Note: We have updated the story with Riot Platform’s response to the Short Sell report.
Riot Platforms, Inc (NASDAQ:RIOT) shares are trading lower after Kerrisdale Capital’s Founder and Chief Investment Officer, Sahm Adrangi, issued a report on the stock.
Adrangi expressed a bear view on Riot Platforms, a $3 billion Bitcoin (CRYPTO: BTC) miner that excels more in energy arbitrage and stock issuance than in generating shareholder value through crypto mining.
According to the analyst, Bitcoin mining is one of the worst business models for a public company due to unpredictable revenue, high capital requirements, fierce competition, the commodity nature of the product, and increasing regulatory scrutiny, even in crypto-friendly places like Texas, where Riot operates.
Given these drawbacks, it is unsurprising ...