Riot Platforms, Inc.

Riot Platforms is a serial-diluting bitcoin miner with $140k+ all-in cost per coin, rising Texas regulatory risk, and a broken model increasingly obviated by low-fee BTC ETFs.

Riot's 1.7GW of powered Texas sites could generate $1.6bn of AI/HPC EBITDA and drive shares to $23-$53 if management urgently signs more hyperscaler deals like the AMD proof-of-concept.