Core Viewpoint - Riot Platforms has experienced a 7% weekly decline, which is relatively better compared to many of its peers in the cryptocurrency mining sector as it transitions to a compute provider [1] Company Developments - Riot is developing two key buildings at its Corsicana data center campus, aiming to bring 112 megawatts of critical IT capacity to the market, which has previously positively impacted its share price [2] - The company holds over $2 billion worth of Bitcoin, including restricted holdings, indicating significant exposure to Bitcoin's price fluctuations [7] Market Sentiment - The decline in Riot's stock is partly due to weakening investor sentiment in sectors related to AI, with concerns that AI spending may slow down, potentially affecting Riot's profitability as it repurposes its compute capacity [6] - Despite the decline in Bitcoin's price, the company's shift towards becoming a compute provider is viewed as an intriguing development, suggesting a more interesting growth profile than earlier in the year [8] Financial Pressure - The transition from a Bitcoin miner to a compute provider may be costly and lengthy, and the declining Bitcoin price is putting pressure on Riot's balance sheet [9]

Core Insights - The Bitcoin mining sector is transitioning towards digital infrastructure and AI hosting to diversify revenue streams [2] - TeraWulf focuses on zero-carbon energy and expanding AI and high-performance computing (HPC) capacity, while Riot Platforms is one of the largest pure-play miners with a growing data-center footprint [2][3] TeraWulf (WULF) Overview - TeraWulf has 245 megawatts of mining capacity but faces revenue risks due to Bitcoin price volatility and rising network difficulty [4] - The company raised over $5 billion in 2025, increasing total debt to approximately $1.5 billion, which raises refinancing and interest expense risks [5] - TeraWulf's stock fell nearly 11% to $11.57 as investors expressed concerns over heavy AI spending [6] - The company secured over $16 billion in long-term HPC contracts, providing strong revenue visibility [7] - Management targets 250-500 MW of new HPC capacity annually, supported by various expansion projects [8] Riot Platforms (RIOT) Overview - Riot Platforms operates 1.86 GW of power capacity, positioning itself for future AI and HPC growth [9] - The company reported Q3 revenues of $180.2 million and net income of $104.5 million, benefiting from operating leverage and power curtailment credits [11] - Growth opportunities include AI and HPC development at the Corsicana site, with plans to scale to 1 GW over time [12] - Production fell 14% year-over-year to 428 BTC in November 2025, influenced by market volatility [13] Stock Performance and Valuation - TeraWulf shares increased by 215.3% over the past six months, while Riot Platforms gained 40% [14] - TeraWulf trades at a forward price-to-sales (P/S) multiple of 13.71, significantly higher than Riot Platforms' 6.8, indicating higher execution and financing risks for TeraWulf [18] - Riot Platforms offers a more balanced profile with lower EV per available megawatt and a proven in-house development team [15][16] Conclusion - TeraWulf presents strong growth potential in AI and HPC but carries higher risks due to premium valuation and leverage [21] - Riot Platforms is seen as a better investment choice due to greater scale, lower valuation, and stronger financial flexibility [21][22]

J.P. Morgan issued an overweight rating for Riot Platforms (NASDAQ: RIOT) and set a price target of $20 in a 2026 equity trade ideas outlook report. The target represents a 45% increase from the closing price of $13.71 recorded on Monday. The report, titled U.S. Equity Year Ahead Stocks for 2026, includes the firm’s 57 stock picks for the upcoming year. Analysts highlighted that Riot is transitioning from bitcoin mining into an AI infrastructure provider as we’ve seen with other bitcoin mining companie ...

Core Viewpoint - Bitcoin-related stocks experienced a strong rebound, with Bitcoin itself surpassing $87,000, reflecting a nearly 1% increase in a single day [1] Group 1: Stock Performance - Strategy (MSTR.US) rose over 3% [1] - Circle (CRCL.US) increased by more than 6% [1] - Coinbase (COIN.US) saw a 2% rise [1] - Robinhood (HOOD.US) gained over 3% [1] - MARA Holdings (MARA.US) went up by more than 2% [1] - RIOT Platforms (RIOT.US) experienced a 0.5% increase [1] Group 2: Bitcoin Price Movement - Bitcoin returned above $87,000, marking a daily increase of nearly 1% [1]

Core Insights - The company, Riot Platforms, is transitioning away from Bitcoin mining to focus on becoming a data center operator, which has led to a significant drop in its stock price [1][5][6] - Despite reporting strong earnings six weeks ago, the announcement of this transition has created uncertainty among investors, contributing to selling pressure [5][7] Company Developments - Riot Platforms reported record revenue and earnings per share (EPS) of $0.26, exceeding estimates [5] - The company plans to develop two buildings at its Corsicana data center campus, which will provide 112 MW of critical IT capacity [6] - Key achievements facilitating this transition include acquiring additional land, completing campus design, finalizing the basis of design for standard builds, and building an in-house data center team [6] Market Reaction - The stock price of Riot Platforms closed down 10.4% on a recent trading day, reflecting investor concerns about the transition and broader market conditions [1][2] - The market capitalization of Riot Platforms is currently $5.7 billion, with a significant gross margin of -1168.45% [2] - Investors are cautious due to the high costs associated with building data centers and concerns about financing in the current financial environment [7]

Market Overview - Bitcoin mining equities experienced a decline of approximately 10% following a significant drop in bitcoin prices, which fell from $89,474 to $87,024.78 within an hour [1] - The decline in bitcoin prices coincided with reports of forced closures of cryptocurrency mining operations in China [1] Regulatory Impact - The Chinese Communist Party (CCP) has intensified its crackdown on bitcoin mining, resulting in the shutdown of 1-2 GW of mining operations in Xinjiang, equating to a loss of 100 EH/s in bitcoin mining hashrate, or 1/12th of the network's total computing capacity prior to the crackdown [2] Company Performance - CleanSpark (NASDAQ: CLSK) reported the largest decline among publicly traded bitcoin miners, with shares falling 13.83% to $12.09 [3] - TeraWulf (NASDAQ: WULF) also saw a significant decrease, with shares down 12.56% to $12.53 [3] - Cipher Mining (NASDAQ: CIFR) shares retreated 12.46% to $14.93, while IREN (NASDAQ: IREN) lost 9.59% to $36.28 [4] - Riot Platforms (NASDAQ: RIOT) dropped 6.99% to $14.23, and MARA (NASDAQ: MARA) fell 6.81% to $10.74 [4] - Galaxy Digital (GLXY) experienced a moderate decline of 5.05% to $25.40, while Core Scientific (NASDAQ: CORZ) showed resilience with a smaller decline of 4.78% to $15.74 [4]

Core Thesis - Riot Platforms, Inc. is positioned as an undervalued opportunity in the transition from Bitcoin mining to high-performance computing (HPC) data centers, with significant potential upside based on its current valuation and market conditions [2][3][7] Company Overview - Riot Platforms, Inc. operates as a Bitcoin mining company in the United States, with a share price of $15.22 as of December 2nd, and trailing and forward P/E ratios of 29.77 and 20.88 respectively [1][2] Competitive Positioning - Riot has 1.86 GW of high-quality, liquid-cooling-ready power capacity and approximately $2 billion in Bitcoin holdings, which enhances its enterprise value metrics compared to peers [2] - The company trades at $2.57/Watt, significantly lower than the peer average of $8.58/Watt, indicating it is one of the most undervalued miners in the sector [3] Market Dynamics - Analysts project over 60 GW of incremental data center power demand by 2027-28, with crypto-to-HPC conversions able to deliver power in 18 months, providing a competitive advantage [4] - The shift from Bitcoin mining to HPC is expected to create substantial value for miners like Riot, as tenants are willing to share this value [4] Strategic Approach - Riot's strategy includes prioritizing high-credit tenants, completing technical designs, and expanding site capacity, which positions the company to negotiate premium lease contracts [5] - Governance improvements, such as adding board members with data center expertise and appointing a new Chief Data Center Officer, support the company's execution capabilities [5] Future Catalysts - The first HPC lease announcement, expected by early 2026, is anticipated to validate Riot's business model and could trigger a substantial re-rating of the company's stock [6][7] - Additional upside may arise from rising GPU depreciation costs, increasing power scarcity, and the appreciation or monetization of Bitcoin holdings [6]

Core Insights - Riot Platforms, Inc. produced 428 Bitcoin in November 2025, reflecting a 2% decrease from October 2025 and a 14% decrease year-over-year from November 2024 [1][2]. Production Metrics - Bitcoin Produced: 428 in November 2025, down from 437 in October 2025 and 495 in November 2024, showing a month-over-month decrease of 2% and a year-over-year decrease of 14% [2]. - Average Bitcoin Produced per Day: 14.3 in November 2025, slightly up from 14.1 in October 2025 but down 14% from 16.5 in November 2024 [2]. - Bitcoin Held: 19,368 as of November 2025, a marginal increase from 19,324 in October 2025 and a significant increase of 70% from 11,425 in November 2024 [2]. Sales and Financials - Bitcoin Sold: 383 in November 2025, down 4% from 400 in October 2025 [2]. - Bitcoin Sales - Net Proceeds: $37.0 million in November 2025, a decrease of 20% from $46.0 million in October 2025 [2]. - Average Net Price per Bitcoin Sold: $96,560 in November 2025, down 16% from $114,970 in October 2025 [2]. Operational Metrics - Deployed Hash Rate - Total: 36.6 E+H/s, unchanged from October 2025 and up 19% from 30.8 E+H/s in November 2024 [2]. - Average Operating Hash Rate - Total: 34.6 E+H/s, an increase of 4% from 33.2 E+H/s in October 2025 and up 34% from 25.8 E+H/s in November 2024 [2]. - Fleet Efficiency: 20.5 J/TH, unchanged from October 2025 and down 8% from 22.3 J/TH in November 2024 [2]. Power Metrics - Total Power Credits: $2.3 million in November 2025, a 6% increase from $2.1 million in October 2025 and a 76% increase from $1.3 million in November 2024 [2]. - Demand Response Credits: $1.3 million, up 22% from $1.0 million in October 2025 and up 191% from $0.4 million in November 2024 [2]. - All-in Power Cost - Total: 4.0 cents per kWh, unchanged from October 2025 and up 3% from 3.8 cents per kWh in November 2024 [2].

Core Insights - GraniteShares has launched two new ETFs, RTYY and HMYY, as part of its YieldBOOST™ family, aimed at providing investors with income opportunities in high-growth sectors of the equity market [1][5][6] Group 1: New ETF Launches - RTYY, the GraniteShares YieldBOOST™ RIOT ETF, focuses on Riot Platforms, Inc., a significant player in Bitcoin mining and digital infrastructure, utilizing options strategies to generate income [2][3] - HMYY, the GraniteShares YieldBOOST™ HIMS ETF, is linked to Hims & Hers Health, Inc., a telehealth platform, and employs a similar options strategy to generate income [2][4] Group 2: Investment Strategy - Both ETFs aim to generate income by selling put options on leveraged ETFs that track 2x daily price movements of their respective underlying companies [2][3][4] - The YieldBOOST™ platform applies systematic options strategies to leveraged ETFs, targeting innovative companies and emerging market themes [5][6] Group 3: Company Overview - GraniteShares is a global investment firm based in New York City, specializing in creating and managing ETFs, with a focus on alternative and innovative investment solutions [7][8] - As of November 28, 2025, GraniteShares has over $649.5 million in assets under management (AUM) for its YieldBOOST™ suite and manages a total of over $11.114 billion in AUM [6][8]

Group 1 - Riot Platforms Inc. is considered one of the best upside stocks to buy currently, despite a price target reduction by JPMorgan from $19 to $17, maintaining an Overweight rating [1] - In Q3 2025, Riot Platforms reported total revenue of $180.2 million, reflecting an 18% increase from the previous quarter, but net income decreased significantly to $104.5 million from $219.5 million [2] - The company's Bitcoin production slightly declined quarter-over-quarter due to an 8% growth in the global hash rate, which outpaced Riot's own 3% growth in hash rate deployment [3] Group 2 - Riot Platforms operates as a Bitcoin mining company in the US, with two segments: Bitcoin Mining and Engineering [4] - There are suggestions that certain AI stocks may offer greater upside potential and carry less downside risk compared to Riot Platforms [4]