News Summary
PositiveRiot Platforms executed a transformational strategic pivot from bitcoin mining to AI data-center infrastructure, securing a landmark $9.1B, 20-year Anthropic colocation deal (191 MW at Rockdale) and a non-binding letter of intent for the full 1 GW Corsicana site with >$1B annual rent potential. Despite Q2 revenue beating estimates at $174.2M (+14% YoY) and mining output up 11%, the company posted a $237.2M net loss driven by a 19% YoY decline in bitcoin mining revenue and strategic asset sales, though analyst sentiment surged with multiple price-target increases (Morgan Stanley to $43, Bernstein to $35, Citi to $32).
Red flags
- •Q2 2026 net loss of $237.2M despite revenue beat
- •Bitcoin mining revenue declined 19% year-over-year to $113.7M
- •Corsicana deal is non-binding letter of intent, not contracted revenue; no definitive construction budget or financing plan announced
- •Company sold 4,300 BTC in Q2 to fund operations, indicating cash burn pressure
- •Earnings call delayed twice before release
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.