Company Overview - OnyxPoint Global Management acquired a new stake in Riot Platforms, purchasing 232,206 shares valued at approximately $4.42 million during the third quarter [2][3][7] - Riot Platforms reported record revenue of $180.2 million and net income of $104.5 million in the third quarter, a significant improvement from a loss of $154.4 million in the same period last year [12] - The company mined 1,406 bitcoin at an average cash cost of $46,324 per coin, benefiting from power curtailment credits that offset energy costs [12] Financial Metrics - Riot Platforms has a total revenue (TTM) of $637.16 million and a net income (TTM) of $164.00 million [5] - As of September 30, Riot held 19,287 bitcoin worth approximately $2.2 billion and $330.7 million in unrestricted cash, providing significant financial flexibility [13] Market Performance - Riot's shares were priced at $13.20, reflecting a 26% increase over the past year, outperforming the S&P 500, which rose about 17% [4] - The stake in Riot represents 2.38% of OnyxPoint's total reportable U.S. equity holdings, which amount to $185.59 million across eight positions [3] Business Model and Strategy - Riot Platforms operates as a leading U.S.-based Bitcoin mining company, focusing on institutional-scale operations and power distribution equipment [9][10] - The company is expanding its operations beyond mining, with ongoing construction of 112 megawatts of capacity at its Corsicana campus, indicating ambitions in large-scale data center development [13]