Keep an eye on beaten-down Bitcoin mining stocks, like Riot Platforms (RIOT).
After pulling back with Bitcoin, it’s starting to push higher again. All thanks to what we’re hoping is a strong recovery in the digital currency. Helping, “Bitcoin whales may have finally started buying the dip,” IntoTheBlock said in an X post. “Historically, accumulations by these addresses have often preceded rises in bitcoin’s price,” said CoinDesk.com.
RIOT also saw record net income of $211 million for its first quarter. Total revenue came in at $79.3 million from $73.2 million year over year. It produced 1,364 BTC in the quarter, which was down about 36% year over year.
It also saw Bitcoin mining revenue of $74.6 million in the quarter, as compared to the $48 million year over year.
“This quarter, Riot reported net income of $211.8 million and earnings per share of $0.82 which are new record highs for our quarterly results. Additionally, we reported $245.7 million in adjusted EBITDA for the quarter, another record high for Riot, rounding out strong financial performance for the quarter,” said CEO Jason Les.
