RIOT - Riot Platforms: Miner Capitulation (Rating Downgrade)

2024-07-15 07:14:07 ET

Summary

• Riot Platforms rated as hold in April, now downgraded to strong sell due to 17.26% share decrease post Bitcoin halving.
• Bitcoin halving has increased operational challenges for miners like Riot, leading to financial losses and potential share dilution for funding.
• Despite potential leverage to Bitcoin price movements, Riot's operational inefficiencies and financial struggles make direct Bitcoin investment a more profitable strategy.

Investment Thesis

Back in April, I covered Riot Platforms ( RIOT ), and rated the company as a hold. Since then, shares have fallen roughly 17.26%, while the market has increased by 10.74%....

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