Bitcoin (BTCUSD) is back in the spotlight, soaring past $94,000 – a level last seen in February - and reasserting its role as the digital age’s safe haven. An interesting story is unfolding in Bitcoin mining stocks as a result, names that have quietly lagged amid shrinking margins and tariff-induced headwinds.
Riot Platforms (RIOT), one of the largest U.S.-based miners, had been under pressure for months. Trump-era tariffs have driven up the cost of importing essential mining hardware like ASICs, threatening the growth of domestic mining operations.
Amid these complex dynamics, Riot Platforms is ramping up, acquiring new mining equipment to boost Bitcoin production and sharpen its competitive edge. With analysts calling it a “Strong Buy” and eyeing triple-digit upside, RIOT could be a wise portfolio addition for crypto bulls.
About Riot Platforms Stock
Riot Platforms (RIOT), founded in 1998 as an oil and gas explorer, reinvented itself as a Bitcoin mining powerhouse. Now valued at $2.6 billion by market cap, Riot runs massive mining sites across Texas and Kentucky, including the largest U.S. operation in Rockdale, Texas.
Following the 2024 Bitcoin halving, Riot’s mining revenue rose, and it ramped up its hash rate, defying sector headwinds. Its edge has been a sharp MicroBT deal that locked in high-performance rigs and the strategic Block Mining buyout, adding scale and diversification.
RIOT stock has more than halved its November highs of $15.87. However, with Bitcoin prices settling back above $90,000, Riot Platforms shares have come up nearly 17% from their 52-week low set in April.
Digging Into Riot’s Q4 Earnings Results
Riot Platforms’ Q4 earnings report on Feb. 24 told a story of strength and strategic growth, as revenue surged 81% year-over-year to $142.6 million, blowing past Wall Street’s expectations. Bitcoin mining led the charge, pulling in $126.4 million, more than double the prior year. EPS crushed forecasts, landing at $0.44, 263% above estimates.
Even with the global hash rate climbing 16%, Riot boosted its BTC production by 37% quarter-over-quarter, mining 4,828 BTC for 2024. By year-end, Riot held 17,722 Bitcoin, a 141% annual jump.
The acquisition of E4A Solutions sets the stage for higher-margin, recurring revenue through engineering services. With plans to hit 38.4 EH/s in 2025 - growing its Bitcoin mining hash rate by approximately 22% - Riot is pushing into AI and high-performance computing to unlock more value.
Riot is all set to unveil its fiscal Q1 2025 earnings results today, May 1, after the market closes. Analysts tracking the company are eyeing a loss of $0.25 per share in Q1. Looking ahead to full-year 2025, they anticipate losses to be $0.87 per share.
What Do Analysts Expect for Riot Stock?
RIOT stock has a consensus “Strong Buy” rating overall. Of the 15 analysts covering the stock, 12 recommend a “Strong Buy,” two suggest a “Moderate Buy,” and the remaining one sits on the sidelines with a “Hold” rating.
The Bitcoin mining stock’s mean price target of $16.86 suggests that it could rally as much as 132% from the current price levels. The street-high of $22 implies potential upside of 203%.
