Riot Platforms Posts Record Bitcoin Mining Earnings as Shares Dip and $380M Volume Ranks 384th

Riot Platforms (RIOT) closed July 31 with a 0.81% decline, despite a 32.24% surge in trading volume to $380 million, ranking 384th in market activity. The stock’s performance contrasts with the company’s record Q2 2025 financial results, which included a net income of $219.5 million—up from a $84.4 million loss in the prior-year period—and revenue of $153 million, a 119% year-over-year increase driven by Bitcoin mining operations. The firm produced 1,426 bitcoin in the quarter, nearly double the 844 mined in Q2 2024, while holding 19,273 bitcoin valued at $2.1 billion and $255.4 million in unrestricted cash.

The earnings report highlighted expanded Bitcoin mining capacity and cost dynamics, with average mining costs rising to $48,992 per bitcoin amid the recent block subsidy halving. Management emphasized strategic investments in high-value data centers and operational efficiency, including energy procurement optimization. The company’s balance sheet strength, bolstered by substantial bitcoin reserves and liquidity, supports its growth objectives. Analysts noted that while results aligned with expectations, rising mining costs and market volatility remain key risks to sustained profitability.

A backtest of a strategy purchasing the top 500 high-volume stocks and holding for one day generated a 166.71% return from 2022 to July 30, 2025, outperforming the benchmark by 137.53%. The strategy’s success was attributed to capturing momentum in high-liquidity assets, though its effectiveness may vary with market conditions.