Does Riot Platforms' 5.3% Gain This Past Week Signal a Recovery Is Underway?

One of the apical cryptocurrency miners turned compute providers, Riot Platforms (NASDAQ: RIOT), is among the tech stocks galore investors are watching intimately close now.

Much of that has to bash with the volatility we've seen successful Bitcoin (CRYPTO: BTC), which continues to supply plentifulness of foodstuff to upside and downside rallies successful RIOT stock. That's owed to the much than 18,000 Bitcoin held connected Riot Platforms' equilibrium expanse (worth much than $1.2 cardinal astatine existent levels), according to TheBlock.

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This cardinal cardinal operator (the terms enactment of Bitcoin) is but 1 of the notable drivers of Riot's terms enactment from week to week. Let's dive into what happened this week, wherefore RIOT banal surged 5.3% implicit the past 5 trading days, and whether this determination indicates Riot represents a coagulated concern accidental moving forward.

This past week, 1 of the astir notable events for investors was the company's announcement connected Tuesday that it volition merchandise its Q4 net and full-year fiscal results connected Feb. 24.

This merchandise is expected to beryllium notable, with investors continuing to measure whether the ongoing "re-rating" of the company's cardinal displacement from a Bitcoin miner to an emerging information center/AI infrastructure play volition beryllium a affirmative oregon antagonistic for the company. I'd reason that, fixed however Bitcoin has performed of late, the likelihood is that this modulation should beryllium perceived arsenic a comparative nett positive. Still, the marketplace whitethorn not spot it that mode (given the weakness we've seen successful galore AI-related stocks).

Additionally, the different large quality this week was that Riot announced a onshore acquisition and lease statement for astir 200 acres successful Texas with Advanced Micro Devices (NASDAQ: AMD), nether which the chipmaker volition lease the onshore from Riot to enactment its high-performance computing needs. This woody could materially alteration however investors presumption Riot's semipermanent net power, peculiarly if guardant net and EBITDA guidance amended successful the upcoming commentary astir the company's Q4 financials.

We'll person to spot what yet comes of these announcements, but for now, I deliberation investors are taking a comparatively bullish presumption of Riot heading into this print.

Before you bargain banal successful Riot Platforms, see this: