BTC Revaluation Masks A Tough Q2 For Riot Platforms

Description

Summary Riot Platforms remains highly dependent on Bitcoin mining, with 92% of Q2-25 revenue from BTC despite efforts to diversify. Profitability is weak: positive net income was solely due to BTC revaluation; core operations are unprofitable even with high BTC prices. The company shifted from HODLing to selling most mined BTC in Q2, signaling possible industry stress and the need to fund data center expansion. I maintain a 'hold' rating on RIOT, as mining economics remain challenging and upside...