⛏️ A Bitcoin mining company whose most valuable asset in its financial statements is no longer its coins.
Riot sold more than 20,000 coins this year, leaving just over 2,000 on its books, in exchange for a 15-year AI lease.
910 megawatts, worth about $28 billion: the entire campus was leased to an unnamed frontier AI lab.
While Bernstein lowered its price target for its peers, Riot closed up nearly 10%.
I think that from now on, when looking at Riot, the first thing to check is whether it can deliver on the lease on schedule—not the price of Bitcoin.
$RIOT.US
Riot sold more than 20,000 coins this year, leaving just over 2,000 on its books, in exchange for a 15-year AI lease.
910 megawatts, worth about $28 billion: the entire campus was leased to an unnamed frontier AI lab.
While Bernstein lowered its price target for its peers, Riot closed up nearly 10%.
I think that from now on, when looking at Riot, the first thing to check is whether it can deliver on the lease on schedule—not the price of Bitcoin.
$RIOT.US
