Riot Platforms, Inc. (RIOT)

Riot Platforms' stock experienced a 130% rally over the 12 months leading up to November 2025. In December 2025, Riot reported 460 Bitcoin produced and $161.6 million in net proceeds from Bitcoin sales, also announcing a shift to quarterly production updates. In early January 2026, there was a CFO transition. On January 2, 2026, the stock trended up by 12.12%. On January 12, 2026, Citi revised its price target for Riot Platforms' stock from $28 to $23, maintaining a Buy rating. A bearish outlook for 2026 exists due to a potential Bitcoin bear market and the company's high operational leverage to Bitcoin price cycles, with technical indicators signaling bearish momentum.

Demand seasonality for Riot Platforms is closely tied to the Bitcoin market and mining operations. Hashrate growth often stalls during summer months due to increased cooling demands and miners curtailing operations. Winter months may offer lower electricity rates, potentially increasing mining profitability. Bitcoin has exhibited seasonal price patterns, with October, February, July, and December tending to be strong months, while September has historically shown declines. Implied volatility for RIOT stock has also shown seasonal patterns, historically tending to rise most in February and decline to its lowest levels in September.

Riot Platforms, Inc. is a vertically integrated Bitcoin mining and digital infrastructure company focused on building, supporting, and operating blockchain technologies. It operates through Bitcoin Mining and Engineering segments. The Bitcoin Mining segment generates revenue from mined Bitcoin, while the Engineering segment designs and manufactures power distribution equipment and provides related services. Riot also offers co-location and installation services and is expanding into data center development for HPC and AI uses. The company is categorized within the Finance sector, including industries like Financial Software, Capital Markets, and Blockchain & Cryptocurrency.

Riot Platforms, Inc. is headquartered in Castle Rock, Colorado. Its Bitcoin mining operations are primarily located in central Texas and Kentucky, including the Rockdale Facility and a new one-gigawatt facility in Corsicana, Texas. The company also has electrical engineering and fabrication operations in Denver, Colorado, and Houston, Texas.

Riot Platforms has built a reputation as a leading Bitcoin-driven infrastructure platform. However, it has faced criticism regarding its environmental impact, particularly concerning the Rockdale facility's energy and carbon intensity, and its reliance on fossil fuel-generated electricity. Concerns about energy consumption and environmental impact are ongoing considerations for companies in the Bitcoin mining sector and could influence public perception.

Riot Platforms, Inc. has a mixed ownership structure including institutional, retail, and individual investors. Institutional investors hold approximately 33.94% to 60.64% of the stock, with major holders including Vanguard Group Inc., BlackRock, Inc., and Fmr Llc. The largest individual shareholder is Benjamin Yi, the Executive Chairman, who held 9.22 million shares as of March 2025, representing 2.49% of the company's total shares. Insiders collectively own approximately 3.67% to 8.30% of the company's stock.