With Bitcoin rocketing higher, the miners are running higher, too.

As we noted on June 23, “With Bitcoin clearing $30,000, keep an eye on mining stocks, like Riot Platforms (RIOT). Remember, where Bitcoin goes, miners typically follow. Helping investors are getting bullish about the prospects of BlackRock and other major institutional names getting involved in digital assets.”

At the time, RIOT traded around $11 a share.  It’s now up to $17.41.  And until Bitcoin decides to cool off, RIOT could see higher highs.

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Plus, according to the company, “June was a momentous month for Riot, as the results from our mining operations, power strategy, and growth plans have all come together. We announced an initial order of 33,280 MicroBT miners for our Corsicana Facility, which is expected to add 7.6 EH/s to our self-mining fleet and also provides optionality for future orders at the same terms This long-term purchase agreement locks in our pricing for the next-generation of miners and provides a path to executing on our ambitious growth plans. In June, Riot mined 460 Bitcoin while also significantly leveraging our power strategy.”


Ian Cooper