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RIOT

Riot Platforms, Inc.

Financial Services · $8.3B market cap

Verdict

We can't put a fair value on RIOT right now. It's valued like a bank, but its return on tangible equity (or its tangible book value) isn't positive, so there's nothing to base a value on.

Business quality

1 of 5 clear the 10% bar. What are the Big Five?

Earnings per share growth—?
Equity per share growth5.3% a year✗
Sales growth26.7% a year✓
Free cash flow growth—?
Return on invested capital-3.2%✗

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Superinvestors

3 of the investors we track hold RIOT. In Q2 2026, 2 opened a position and 1 trimmed. Who we track

John Armitage

Egerton Capital · as of Q2 2026

$72.0M

2,628,731 shares

Howard Marks

Oaktree Capital Management · as of Q2 2026

$52.3M

26,000,000 shares

Daniel Loeb

Third Point · as of Q2 2026

$7.0M

3,500,000 shares

Moves in Q2 2026

New position: John Armitage, Daniel Loeb

Trimmed: Howard Marks

About Riot Platforms, Inc.

Riot Platforms, Inc., along with its associated companies, primarily operates as a Bitcoin mining enterprise within the United States. The firm's activities are divided into two main areas: Bitcoin Mining and Engineering. It develops and manages essential infrastructure for large-scale Bitcoin mining operations at sites in Rockdale and Navarro counties, Texas, as well as two facilities in Paducah, Kentucky. Beyond…

Financial - Capital Markets

Fair value and Payback Price are estimates from the company's reported financials, not investment advice. Prices as of the close of Oct 3, 2026. How the Payback Price works