The bullish outlook for Riot emphasizes its low-cost Bitcoin mining operations, a growing Bitcoin treasury, and promising opportunities in AI and high-performance computing, especially with the upcoming Bitcoin halving in April 2026.

Over the past year, Riot’s stock has outperformed the S&P 500, gaining 26.7%, driven by rising Bitcoin prices and strong financial results.

In fiscal year 2024, Riot reported a 34% revenue increase to $376.7 million, with Bitcoin mining revenue soaring 70% to $321 million, and it plans to boost its self-mining hash rate to 38.4 EH/s by the end of 2025.

The company's enterprise value is around $2.15 billion, and it maintains a favorable valuation compared to peers, with analysts giving it a 'Strong Buy' rating.

Riot’s competitive edge lies in its low-cost power at 3.4 cents per kWh and its strategy of holding Bitcoin, with 17,722 BTC held by the end of 2024.

Upcoming earnings on July 30, 2025, and potential partnerships in AI and HPC are key events to monitor for future growth.

However, risks include Bitcoin price volatility, regulatory uncertainties, rising energy costs, execution risks in its AI/HPC initiatives, and high leverage due to convertible notes maturing in 2030.

Riot Platforms, Inc. operates as a vertically integrated Bitcoin mining and digital infrastructure company with facilities in Texas and Kentucky, generating revenue through mining and engineering services.

The bear case warns of risks from prolonged crypto downturns, possible delays in AI/HPC projects, high leverage, and regulatory shocks that could adversely affect operations.