クリプトドットイン

暗号に強い人材のためのオルタナティブ・リンクトイン

Riot Stock Rebounds Strongly, Shrugging Off Short Seller’s Report

-

によって

で

Riot shares experienced a recovery on June 5 following a report from short seller Kerrisdale Capital.

The paper, released just before the Nasdaq opened, accused Riot of mismanagement and predicted the firm’s impending collapse, stating that Bitcoin miners are selling “snake oil.”

Kerrisdale ‘Declares War’ on Bitcoin Miners

Kerrisdale’s June 5 report said that RIOT was more proficient in “playing energy arbitrage games and issuing stock” than generating value for shareholders through crypto mining. The firm emphasized this point in an accompanying post on X, declaring a “war against bitcoin miners,” who they likened to “snake oil salesmen,” accusing them of burning through investor capital and contributing to environmental degradation.

Today, we launch a war against bitcoin miners, an industry of snake oil salesmen that are incinerating both investor capital and the environment and should be banished from America much like the Chinese RTO frauds that we helped kick out a decade ago (1/10)

— Kerrisdale Capital (TradFi) (@KerrisdaleCap) June 5, 2024

Reacting to the report, RIOT shares initially plummeted by 9.6% before staging a recovery to close down by 0.21% at $9.65. As of the time of writing, Riot’s stock, traded on the Nasdaq under the ticker RIOT, has risen to $10.31 on Friday opening.

Kerrisdale’s report accuses Riot of operating on a business model that burns cash and relies heavily on diluting retail shareholders through continuous stock issuance. Since 2020, Riot’s outstanding shares have increased sixfold, a tactic Kerrisdale argues is unsustainable and damaging to shareholder value.

“If Riot were to stop issuing stock, it would be forced to start drawing down on its cash and Bitcoin holdings,” the report noted. Kerrisdale further pointed out that Riot is facing several challenges, including increased regulatory scrutiny in Texas, reduced revenues due to the Bitcoin halving, and stiff competition from more cost-efficient global miners.

Despite all it has spent on facilities & equipment, $RIOT‘s BTC production per share and BTC hodl per share have declined. The only way shareholders ever benefit is if bitcoin prices go up – which is a terrible way to invest in bitcoin given the availability of low-fee ETFs 7/10

— Kerrisdale Capital (TradFi) (@KerrisdaleCap) June 5, 2024

The report also questioned the value of investing in Bitcoin mining companies like Riot compared to directly owning BTC or investing in low-fee exchange-traded funds (ETFs). “Why own shares in a company like Riot, which has seen Bitcoin holdings per share and Bitcoin production per share steadily decline, versus simply owning Bitcoin itself?” Kerrisdale asked.

Valuation Collapse

The aggressive stance continued on X, where Kerrisdale detailed their strategy and shared two letters addressed to Texas state officials. They also labeled Bitcoin mining as a capital-intensive, competitive, and regulatory-challenged industry, arguing against investing in such companies as BTC proxies.

Kerrisdale highlighted RIOT’s struggle to compete globally in cost-effective mining, its poor financial performance, and reliance on incentives and tax credits under scrutiny. They concluded by warning of an impending valuation collapse for RIOT and peers amid increasing regulatory pressure and business model skepticism.

$RIOT’s inability to grow bitcoin+cash on a per share basis undermines the sole reason to own a miner vs bitcoin. As local, state & federal regulatory pressure increases & investors recognize the futility of these biz models, valuations will collapse for $RIOT & its peers 10/10

— Kerrisdale Capital (TradFi) (@KerrisdaleCap) June 5, 2024

This isn’t the first time Kerrisdale has targeted companies in the cryptocurrency space. Earlier, the firm bashed MicroStrategy, advocating for investments in spot Bitcoin ETFs over holding shares in BTC-holding firms like MSTR.

ポスト Riot Stock Rebounds Strongly, Shrugging Off Short Seller’s Report に初登場した。 クリプトポテト.

コメント

コメントを残す

メールアドレスが公開されることはありません。 ※ が付いている欄は必須項目です

最新フィード

人気カテゴリー

ja 日本語
ja 日本語 en_US English ro_RO Română et Eesti ko_KR 한국어 ru_RU Русский de_DE Deutsch es_ES Español zh_CN 简体中文 fr_FR Français zh_TW 繁體中文 pt_PT Português it_IT Italiano pl_PL Polski tr_TR Türkçe nl_NL Nederlands id_ID Bahasa Indonesia el Ελληνικά uk Українська bg_BG Български cs_CZ Čeština fi Suomi hu_HU Magyar lv Latviešu valoda lt_LT Lietuvių kalba nb_NO Norsk bokmål sk_SK Slovenčina sl_SI Slovenščina sv_SE Svenska

ウェブサイトを検索

人気記事

タグ

#AlexeyPertsev (1) #Bidenクリプトバン (1) #Biden選挙 (1) #BinanceVsCoinbase (1) #ビットコイン (398) #BitcoinETF (3) #ビットコイン基礎知識 (1) #ビットコインの取り扱い (1) #Bビットコイン価格 (5) #BitcoinPriceLevel (1) #BitcoinPump (1) #BitcoinReserve (1) #ビットコイン・サージ (1) #Bitcoinトップ (1) #Bitfinex (1) #ビットワイズ (1) #BracebridgeCapital (1) #BRC20トークン (1) #BTC取得 (1) #Bullish予測 (1) #Bullishセンチメント (1) #中国鉱業 (1) #CPプレビュー (1) #CryptoAsset (2) #CryptoBattle (1) #CryptoBoom (1) #CryptoExpert (1) #CryptoInsights (1) #クリプトマニア (1) #CryptoMarket (4) #CryptoPrediction (1) #Crypto予測 (1) 1TP5トリプトレギュレーション (2) #CryptoTakeoff (1) #CryptoTiming (1) #CryptoTips (1) #CryptoTreasury (1) #CryptoUncertainty（暗号の不確実性 (1) #Dデリバティブジャンプ (1) #Dogecoin (71) #Dogecoinゲイン (1) #Dogecoinボリューム (1) #ダッチコート (2) #ECコマース (1) #ElSalvadorビットコイン (1) #Ethereum (65) #EthereumPain (1) #EthereumPrice (1) 1TP5専門家の意見 (1) #Fedレートカット (1) #FiatCurrency (1) #フィナンシャル・インパクト (1) #フィナンシャル・プライバシー (1) #Firmシャットダウン (1) #F凍結アカウント (1) 1TP5自己資金 (1) #InflationData (1) 1TP5投資 (1) 1TP5投資損失 (1) #日本ファーム (1) #法的措置 (1) 1TP5法的影響 (1) #法律 (1) #LightningNetwork (1) #市場分析 (3) #Mマーケットモニタリング (1) #M市場予測 (1) #市場予測 (1) #M市場予測 (1) #Mマーケットサポート (1) #マーケットボラティリティ (1) #マリッジ (1) #MemeCoin (5) #Memeコイン (2) #Miner収益性 (1) #マネーロンダリング (2) #MtGox (4) #北朝鮮暗号 (1) #ノボグラッツ予想 (1) #Priceマイルストーン (1) #P価格予測 (2) #Price質問 (1) #プライスサージ (1) #Prisonセンテンス (1) #QuantAnalysis (1) 1TP5規制圧力 (1) #SECアンチクリプト (1) #ShibaInu (5) #SocialBuzz (1) #技術分析 (1) #トンコイン (3) #トルネードキャッシュ (3) #TornadoCashDev (1) #TornadoCashデベロッパー (1) #UKクリプト (1) #Upsideポテンシャル (1) #USCongress（米国議会 (1) #ワイオミングランド (1) #XRP価格 (1) #XRPupswing (1)

お役立ちリンク

私が役に立ち、共有したいと思ったリンク