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.

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