Riot Platforms’ Analysts Cut Targets to $29 and $21 Following $96M BTC-Funded Deal
After Q4 revenue of $152.8 million and a $2.03 per share loss, Riot Platforms sold 1,100 BTC to fund its $96 million Rockdale acquisition and holds 18,005 BTC valued at $1.2 billion. Cantor Fitzgerald and Piper Sandler lowered targets from $31 to $29 and $26 to $21, retaining overweight ratings.
1. Q4 Financial Results
Riot Platforms reported revenue of $152.83 million in the fourth quarter and a net loss of $2.03 per share. Full-year 2025 revenue surged 71% year-over-year to $365.3 million, driven by a $255.3 million increase in Bitcoin mining revenue.
2. Bitcoin Sales for Expansion
CFO Jason Chung confirmed the company’s practice of selling all ongoing monthly Bitcoin production and tapping treasury reserves to fund operations and capital expenditures. Riot used approximately 1,100 BTC sales to finance its $96 million acquisition of the Rockdale mining site.
3. Bitcoin Holdings Status
Despite periodic sales, Riot remains the seventh-largest corporate Bitcoin holder, maintaining 18,005 BTC on its balance sheet. At current market values, this inventory is worth roughly $1.2 billion.
4. Analyst Price Target Adjustments
Shortly after the earnings release, Cantor Fitzgerald trimmed its price target from $31 to $29 while Piper Sandler cut its target from $26 to $21. Both firms retained overweight ratings, citing confidence in Riot’s long-term growth strategy.