10 Best Bitcoin and Blockchain Stocks To Buy Right Now

7. Riot Platforms, Inc. (NASDAQ:RIOT)

Number of Hedge Fund Holders: 19

Riot Platforms, Inc. (NASDAQ:RIOT) is a leading vertically integrated Bitcoin mining and digital infrastructure company. The firm has Bitcoin mining data center operations based in central Texas and Kentucky while the electrical switchgear engineering and fabrication operations are in Denver and Colorado. Riot operates through two primary business segments including Bitcoin Mining and Engineering after the termination of the Data Center Hosting business.

With a strong vision to be the world’s leading Bitcoin-driven infrastructure platform, Riot serves as an industry leader in vertically integrated Bitcoin mining. The firm has a significant scale of operations and anticipates achieving a total self-mining hash rate capacity of 34.9 EH/s by the end of 2024. As of the recent quarter, Riot boasted an industry-leading financial position, with $590.6 million in working capital, including $355.7 million in cash on hand and $190.1 million in marketable equity securities.

During the third quarter, the first full quarter past the Bitcoin halving event, Riot was successful in witnessing significant growth and maintaining low power costs. The firm posted $84.8 million in revenue, a 65% increase over the prior year period, driven by a 159% year-over-year rise in deployed hash rate to 28 EH/s at the end of the quarter.

In November, Riot Platforms, Inc. (NASDAQ:RIOT) mined 495 Bitcoin which reflects consistent month-over-month production regardless of a 7% increase in network difficulty during the month. The firm’s operating hash rate increased 13% month-over-month. Riot continues to deploy new miners and improve operations to increase its hash rate utilization further.