Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 11 Mar, 26 | RIOT | Buy | USD 14.79 | USD 15.55 | USD 16.5 | 2 days | Closed |
5.14%
|
*Return(%) represent the percentage change between the entry price and exit price of the recommendation.
Data Powered by EOD Historical Data (“EODHD”).
Riot Platforms, Inc., together with its subsidiaries, operates as a Bitcoin mining company in the United States. It operates in two segments, Bitcoin Mining and Engineering. The company offers comprehensive and critical infrastructure for bitcoin mining and data center services at its facilities. The company also designs and manufactures power distribution equipment and engineered-to-order electrical products; and electricity distribution product design, manufacturing, and installation services for large-scale industrial and governmental customers, as well as data center, power generation, utility, water, industrial, and alternative energy markets. The company was founded in 2000 and is based in Castle Rock, Colorado.
Strong Revenue Growth: FY25 bitcoin mining revenue increased significantly to USD 576.3 million in FY25 compared with USD 321.0 million in FY24
Higher Bitcoin Production: FY25 bitcoin production rose to 5,686 bitcoin in FY25 compared with 4,828 bitcoin in FY24
Reduced Net Bitcoin Treasury Growth: Total bitcoin holdings increased marginally to 18,005 bitcoin in FY25 compared with 17,722 bitcoin in FY24
Decline in Fair Value of Bitcoin Holdings: The company recorded a negative fair value adjustment of USD 115.9 million in FY25 compared with a positive adjustment of USD 457.4 million in FY24
Riot Platforms’ financial performance remains highly sensitive to bitcoin price volatility, rising global mining difficulty, regulatory changes, and the capital-intensive nature of expanding mining and data center infrastructure, which could materially impact profitability and cash flows
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 14.79 | 13.0 | 15.55 | 16.5 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
**Target prices may vary by ±0.5% depending on market volatility.
Revenue Expansion Driven by Higher Bitcoin Prices and Mining Output: During FY2025, Riot Platforms reported a substantial improvement in financial performance, primarily driven by higher bitcoin prices and increased mining capacity. Revenue generated from bitcoin mining rose to FY25 USD 576.3 million compared with FY24 USD 321.0 million, reflecting strong growth supported by improved operational efficiency and increased deployment of mining infrastructure. The revenue expansion was further supported by the company’s scaling of mining operations and higher realized bitcoin prices during the year.
Growth in Bitcoin Mining Production: Operationally, the company expanded its bitcoin mining output during FY2025. Riot mined FY25 5,686 bitcoin compared with FY24 4,828 bitcoin, representing an increase of approximately 17.8% year-over-year. The production growth was supported by a rise in deployed mining capacity, which increased to 38.5 EH/s in FY25 compared with 31.5 EH/s in FY24, reflecting expansion of the company’s infrastructure and continued deployment of advanced mining equipment across its facilities.
Infrastructure Expansion and Capacity Development: The company continued expanding its large-scale digital infrastructure footprint during FY2025. Riot operates major mining and data center facilities including the Rockdale facility in Texas with approximately 700 MW of developed capacity, while the Corsicana facility currently provides 400 MW of capacity with an expected expansion toward approximately 1 GW. These developments highlight Riot’s strategy of leveraging its power infrastructure to support both bitcoin mining and future high-performance computing and data center workloads.
Strategic Shift Toward Data Center and AI Infrastructure: FY2025 also marked a strategic transition as Riot expanded beyond pure bitcoin mining into digital infrastructure and data center services. The company initiated development of a scalable data center platform aimed at supporting artificial intelligence and high-performance computing workloads. Additionally, Riot secured a long-term lease agreement with AMD for an initial 25 MW of critical IT load capacity, with potential expansion rights up to an additional 175 MW, demonstrating the company’s intent to diversify revenue streams beyond mining activities.
Balance Sheet and Digital Asset Position: Riot maintained a strong digital asset position during FY2025. The company held 18,005 bitcoin valued at approximately USD 1.57 billion at the end of FY25, compared with 17,722 bitcoin valued at USD 1.65 billion at the end of FY24. The modest increase in bitcoin holdings reflects a combination of mining output, bitcoin sales, and changes in market valuation of the digital asset portfolio during the year.
Operational Efficiency and Vertical Integration: Operationally, Riot continued strengthening its vertically integrated business model through internal engineering capabilities and infrastructure development. Its engineering segment supports design and manufacturing of electrical infrastructure and power distribution equipment, enabling faster deployment of mining and data center facilities while reducing reliance on third-party suppliers. This strategy supports long-term scalability and enhances operational resilience as the company expands its computing infrastructure footprint.
Industry Dynamics and Market Environment: The bitcoin mining industry underwent structural changes during FY2025, influenced by the April 2024 halving event that reduced block rewards to 3.125 bitcoin per block. Despite this structural reduction in mining rewards, Riot managed to expand production through increased hash rate and infrastructure scale. However, rising global network hash rate and mining difficulty continue to intensify competition across the industry, requiring continuous capital investment to maintain mining competitiveness.
Considering recent key business, financial updates, current trading levels, and key business risks, a ‘Buy’ recommendation has been given to Riot Platforms, Inc. (NASDAQ: RIOT) at the current market price of USD 14.79, as on Mar 11,2026 at 7:02 am PDT
Data Powered by EOD Historical Data (“EODHD”).
Sector: Financial Services Industry: Capital Markets
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| RIOT Riot Platforms, Inc. |
0.67 2.44% | 28.10 | - | 20.88 | 10.60 | 2.40 | 11.58 | 11.37 |
| GS Goldman Sachs Group Inc |
-2.58 0.23% | 1096.56 | 17.21 | 16.00 | 4.47 | 2.26 | 11.15 | |
| MS Morgan Stanley |
-1.79 0.80% | 223.17 | 16.50 | 13.76 | 2.80 | 1.65 | ||
| SCHW Charles Schwab Corp |
-2.81 2.97% | 91.70 | 22.86 | 17.39 | 6.14 | 4.28 | ||
| CIIHF CITIC Securities Company Limited |
- -% | 3.50 | 12.33 | 7.94 | 0.69 | 1.13 | 7.69 |
Data Powered by EOD Historical Data (“EODHD”).
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.
Related Risks: This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on March 11, 2026. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned has been achieved and is subject to the factors discussed above.
Note 4: StockNextt reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Target: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Target 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Target 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
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