RIOT Platform Stock Price Dives as Kerrisdale Announces Share Sale
CryptoNewsTerminal Staff05 Jun, 2024
RIOT Platform Stock Price Dives as Kerrisdale Announces Share Sale
RIOT Platform's stock price has taken a sharp downturn following the announcement that investment firm Kerrisdale Capital is selling its shares in the bitcoin mining company, according to CoinDesk. The news led to a 7.91% drop in RIOT's stock, which is currently trading at $8.90. Kerrisdale's decision to sell its stake in RIOT is seen as a sign of waning confidence in the bitcoin mining industry, which has been facing a number of challenges, including rising energy costs and increasing competition. RIOT Platform is one of the largest publicly traded bitcoin mining companies in the world, and its stock performance is closely watched by investors as an indicator of the health of the overall industry. The company has been struggling to turn a profit in recent quarters, and the sale of Kerrisdale's shares is likely to further pressure its stock price.
