bitcoin

Bitcoin Miner Riot Platforms Faces Short-Selling and Hostile Takeover Attempt

The Big Whale

06 Jun 2024 — 1 min read

Kerrisdale Capital shorts RIOT stock, accuses miner of cash burn and shareholder exploitation.
Riot Platforms underperforms peers, declines over 6% while bitcoin rises.
Kerrisdale holds bitcoin as hedge against shorting RIOT.
Riot starts hostile takeover of Bitfarms, becomes large shareholder.
Kerrisdale previously targeted crypto stocks, shorted MicroStrategy.
MSTR stock fell initially but has recovered slightly, still trading lower.

Summary :
Bitcoin miner Riot Platforms (RIOT) saw its stock underperform on Wednesday after short-seller Kerrisdale Capital announced it was shorting RIOT stock and holding bitcoin (BTC) as a hedge. Kerrisdale accused Riot of burning cash and taking advantage of retail shareholders through its funding strategy. Riot's shares declined over 6% while bitcoin rose. This comes shortly after Riot initiated a hostile takeover of Bitfarms (BITF) by acquiring 9.25% of the company. Kerrisdale has previously targeted crypto-related stocks, including shorting MicroStrategy (MSTR). MSTR stock initially fell but has since recovered somewhat.

Sources :

- Coindesk

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