On July 1, Riot Platforms fell 5.37% in regular trading, trading at $25.27/share, with turnover of $128 million. The decline comes amid renewed selling pressure following reports that the company deposited 500 BTC into NYDIG Custody, valued at approximately $29.48 million, in what is suspected to be a liquidation move.
On-chain monitoring data revealed that Riot Platforms transferred the 500 BTC to NYDIG on June 30, continuing a pattern of BTC disposals. The company had previously transferred another 500 BTC to NYDIG in late April, valued at approximately $38.95 million at the time. The repeated sales signal potential cash needs or a strategic shift away from holding mined Bitcoin, weighing on investor sentiment toward the stock.
Riot Platforms reported a net loss of $500 million in Q1 on revenue of $167 million. Jefferies initiated coverage with a Hold rating and a $24 price target in May, while the analyst consensus average target stands at $25.97. The company signed a data center lease agreement with AMD in January expected to generate $311 million in contract revenue, representing its diversification efforts beyond pure Bitcoin mining.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
Comments