Bitcoin Company Fights Back, Defying Short-Sellers
CryptoNewsTerminal Staff06 Jun, 2024
Bitcoin Company Fights Back, Defying Short-Sellers
Riot Platforms Triumphs Over Short-Sellers Despite the recent market downturn, Bitcoin mining company Riot Platforms (Nasdaq: RIOT) has emerged victorious against short-sellers. On June 5th, Kerrisdale Capital, a renowned short-selling firm, announced its short position, sending Riot Platforms' stock price down 8% to $8.81. However, the company's resilience was evident as its stock price rebounded to its pre-short-selling level by the end of the trading day. In an interview with Yahoo Finance, Kerrisdale's chief investment officer, Sahm Adrangi, expressed skepticism about the future of the bitcoin mining industry. However, Riot Platforms' recovery demonstrates the company's determination and the growing demand for Bitcoin. As the cryptocurrency market continues to fluctuate, Riot Platforms' success serves as a reminder of the industry's resilience and potential for growth.
