Riot Platforms Inc. (RIOT) Sells 1,818 BTC After 8% Production Increase

Riot Platforms Inc. (NASDAQ:RIOT) is one of the best cryptocurrency and blockchain stocks to buy now. On January 6, the company announced an 8% month-over-month increase in Bitcoin production in December. However, it was 11% lower than the Bitcoin mined the same month in 2024.

Riot Platforms Inc. (RIOT) Sells 1,818 BTC After 8% Production Increase

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The month-over-month increase coincided with a 5% increase in the company’s hash rate, which reached 38.5 EH/s. It was also 22% higher than the previous year. It also reported $6.2 million in total power credits for December.

The company also took advantage of the high Bitcoin prices to sell 1,818 Bitcoin during the month, generating $161.6 million in net proceeds. It represented a significant increase compared to 38 Bitcoins sold in November. Following the sale, Riot platforms exited the year with 18,005 Bitcoin in reserves, a 2% increase from the end-of-2024 level.

Meanwhile, Riot Platforms has entered into a sales agreement to establish an at-the-market offering program. It plans to sell up to $500 million of its common stock at prevailing market prices.

Riot Platforms, Inc. (formerly Riot Blockchain) is a leading, vertically integrated Bitcoin mining and digital infrastructure company focused on developing large-scale data centers for high-density computing and Bitcoin mining, and on providing custom electrical engineering for complex projects, aiming to power the digital economy.

While we acknowledge the potential of RIOT to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than RIOT and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.