Why Riot Platforms, Inc. (RIOT) Went Down On Wednesday

We recently published a list of 10 Stocks Crash Harder Than Wall Street. In this article, we are going to take a look at where Riot Platforms, Inc. (NASDAQ:RIOT) stands against other worst-performing stocks.

Riot Platforms dropped its share prices by 8.32 percent on Wednesday to close at $8.38 apiece as investor sentiment was dampened by the decline in Bitcoin prices.

Riot Platforms, Inc.’s (NASDAQ:RIOT) stock declined alongside its peers, CleanSpark Inc. and MARA Holdings Inc., as traders booked profits following Bitcoin’s record high last week.

As of 6:07 PM EST, the price of Bitcoin was down by 1.43 percent at the $107,000 level.

Why Riot Platforms, Inc. (RIOT) Went Down On Wednesday

A computer engineer working in a futuristic office, programming algorithms to mine cryptocurrency.

Earlier this month, Riot Platforms, Inc. (NASDAQ:RIOT) said it was able to mine 463 Bitcoins, representing a 23-percent year-on-year growth, but lower by 13 percent month-on-month.

During the period, it was also able to sell 475 Bitcoins, bringing its total holdings to 19,211 as of end-April.

“During the month … we made the strategic decision to sell our monthly production of bitcoin to fund ongoing growth and operations. We continuously evaluate the best funding sources, considering a multitude of factors and prioritizing a strong balance sheet,” said Riot Platforms, Inc. (NASDAQ:RIOT) CEO Jason Les.

Overall, RIOT ranks 9th on our list of worst-performing stocks. While we acknowledge the potential of RIOT, 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 10,000x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

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