Riot Blockchain (RIOT)

Jul 21, 2022Trade Ideas

With Bitcoin on the mend, keep an eye on mining stocks, like Riot Blockchain (RIOT).

Since bottoming out around $19,000, BTC is now back up to $22,756. RIOT went along for the ride and jumped from a low of about $4 to $7.02. If BTC can recover to $30,000, RIOT could potentially rally back to $16 a share, near-term.

Helping, the company just announced it produced 421 BTC in June, an increase of about 73% year over year. And, as of June 30, RIOT now owns about 6,654 BTC, which has a current value of about $151.4 million.

Recent earnings have been just as impressive.

In May, the company reported that it:

  • Increased total revenue by 244% to a record $79.8 million for the three-month period ended March 31, 2022, as compared to $23.2 million year over year
  • Increased mining revenue by 150% to a record $57.9 million for the three-month period ended March 31, 2022, as compared to $23.2 million year over year.
  • Produced record net income of $35.6 million for the three-month period ended March 31, 2022, as compared to net income of $7.5 million year over year.

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