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Riot Platforms, Inc.
Financials · Capital Markets
Structural: largest US-listed pure-play BTC miner by self-operated hash rate; ~36-37 EH/s deployed scaling toward 56+ EH/s as Corsicana phases energize. Power is the moat - ~1.7 GW under contract across Rockdale + Corsicana with sub-3c/kWh blended cost via ERCOT curtailment credits.
- Post-halving block-reward compression rewards lowest-cost operators; Riot sits in the bottom quartile on all-in $/BTC mined.
- Corsicana ramp adds ~600 MW of energized capacity through 2026, mechanically lifting hash rate and BTC production.
- AI/HPC pivot optionality: 600 MW+ of permitted power adjacent to ERCOT trunk lines is increasingly bid for inference workloads ($CRWV $APLD $IREN comps re-rated 3-5x on similar pivots).
- BTC treasury (~17.7k coins held) provides leveraged spot exposure without operational drag.
- Power-credit monetization: $71M ERCOT curtailment + demand-response revenue in 2025 partially offsets opex.
- Pure BTC-price beta; equity drawdown amplified vs spot in bear tapes.
- AI/HPC pivot remains optionality, not contract - no anchor tenant signed as of latest filing despite peer wins.
- Dilution risk: ATM facility historically funds capex, weighing on per-share BTC production.
- Corsicana execution risk on the 1 GW build (transformer/substation supply chain).
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