Riot Platforms Eyes AI Opportunities While Staying Committed to Bitcoin Mining Strategy

In a recent interview, the CEO of Riot Platforms expressed interest in exploring AI partnerships if suitable opportunities arise.

He pointed to Core Scientific’s lucrative hosting deal with CoreWeave, which could yield over $3.5 billion in 12 years, but remains doubtful about similar deals for Riot.

The CEO emphasized Riot’s Texas facilities, particularly the 750 MW site in Rockdale and the 1 GW operation in Corsicana, which offer access to talent and low energy costs. While open to AI, he noted that Riot’s focus remains on Bitcoin mining, as transitioning would require different technology.

Despite industry changes, Riot plans to expand its Bitcoin operations, leveraging new competitors to improve economic viability. Analysts suggest Riot’s stock is undervalued, trading at about $800,000 per MW compared to the sector average of $2.1 million. With Bitcoin prices projected to reach $200,000 by 2025, Riot’s earnings could surge.

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Riot’s stock has risen 17.3% recently, though it remains down 54% year-to-date. The company also holds around 10,000 BTC, valued at approximately $630 million, reaffirming its long-term belief in bitcoin’s potential. Earlier, Riot attempted to acquire Bitfarms but reached a settlement restricting its ownership to 20% without board consent.

Source

Alexander Stefanov