News Summary
PositiveRiot executed a landmark $9.1B AI data center lease (191 MW over 20 years) alongside strong strategic positioning with 241 MW of total leased capacity, representing a major pivot toward higher-margin AI/HPC colocation. However, Q2 2026 results showed a $237M GAAP net loss, $75M mark-to-market loss on Bitcoin holdings, and a $28M impairment charge at Rockdale, though non-cash charges were a primary driver.
Red flags
- •Large GAAP net loss of $237M in Q2 2026, though primarily driven by non-cash charges ($240M+)
- •Bitcoin mining production declining (1,587 BTC in Q2) and company sold 4,300 BTC to fund operations, signaling cash flow pressure
- •$75M mark-to-market loss on Bitcoin holdings reflects cryptocurrency price volatility exposure
- •$28M impairment charge related to Rockdale mining operations shows execution risk on repurposing strategy
Funds Buying (4)
| Fund | Manager | Shares Held | ∆ Shares | Position Value | % of Fund | QoQ | Status |
|---|---|---|---|---|---|---|---|
| Point72 | Steve Cohen | 3.7M | +3.7M | $102M | 0.2% | — | NEW |
| Sachem Head Capital | Scott Ferguson | 2.9M | +2.9M | $78M | 1.6% | — | NEW |
| Duquesne Family Office | Stanley Druckenmiller | 755K | +755K | $21M | 0.5% | — | NEW |
| Third Point | Dan Loeb | 3.5M | +3.5M | $7M | 0.2% | — | NEW |
Shares Held and Position Value reflect total quarter-end holdings. ∆ Shares is the change from the prior quarter. % of Fund is the position's share of the fund's reported equity portfolio — it drives the size weighting in the conviction score.
Portfolio Context
Where RIOT ranks in each buying fund's book, and the positions immediately around it. What a holding sits next to often says more about the thesis than the position size does.
position #18 of this fund's book
- 15Bitdeer Technologies Group$153M
- 16Twilio Inc$128M
- 17Six Flags Entertainment Corp$107M
- 18Riot Platforms Inc$78M
- 19Invesco Exchange Traded FD T$56M
position #32 of this fund's book
- 29ALPHABET INC$10M
- 30ARS PHARMACEUTICALS INC$8M
- 31AURORA INNOVATION INC$7M
- 32RIOT PLATFORMS INC$7M
- 33HERTZ GLOBAL HLDGS INC$4M
- 34FLYEXCLUSIVE INC$2M
- 35BAUSCH PLUS LOMB CORP$1M
Values are quarter-end position sizes. Shown only for funds where RIOT ranks inside their 40 largest equity positions — below that, neighbouring names carry no signal. Adjacency is an inference about a fund's reasoning, not a disclosure of it.
Insider Activity
Beneficial Ownership (13D/13G)
| Filer | Form | Shares | % of Class | Filed | Src |
|---|---|---|---|---|---|
| FMR LLC | SC 13G/A | 29.6M | 7.6% | 2026-08-06 | ↗ |
| JANE STREET GROUP, LLC | SC 13G | 20.1M | 5.3% | 2026-05-11 | ↗ |
| FMR LLC | SC 13G | 22.7M | 5.9% | 2026-05-06 | ↗ |
| Vanguard Portfolio Management | SC 13G | 21.8M | 5.8% | 2026-04-29 | ↗ |
SC 13D = active intent to influence control (10-day filing deadline after crossing 5%). SC 13G = passive accumulation, no intent to influence control.