Riot Platforms Tumbles 17.75% with $570M Trade Volume Ranking 235th as Bitcoin Gains and Strategic Expansion Fuel Q2 Earnings Turnaround

On August 1, 2025, Riot Platforms (RIOT) fell 17.75% with a trading volume of $570 million, ranking 235th in market activity. The stock’s recent performance follows the release of its Q2 earnings report, which revealed a net income of $219.5 million and adjusted EBITDA of $495.3 million. The results marked a significant turnaround from a $296.4 million net loss in Q1 2025, driven by Bitcoin mark-to-market gains and operational efficiency improvements.

The company’s Bitcoin mining revenue surged to $140.9 million in Q2, up from $55.8 million year-over-year, as production rose to 1,426 BTC from 844 BTC in Q2 2024. However, the average cost to mine one Bitcoin increased to $48,992 from $25,329 in the prior year period, attributed to the April 2024 halving event and higher global hash rates. Riot’s total cash reserves stood at $330 million, including 19,273 BTC valued at approximately $2.1 billion, as of June 30.

Strategic shifts toward purpose-built data centers and infrastructure expansion were highlighted during the earnings call. The company secured a $200 million bitcoin-collateralized facility with Coinbase and acquired 858 acres near its Corsicana, Texas campus to support liquid-cooled AI-driven workloads. CEO Jason Les emphasized Riot’s focus on monetizing megawatts through both Bitcoin mining and high-performance computing partnerships. These initiatives align with a projected hash rate increase to 40 EH/s by Q4 2025 and 45 EH/s by Q1 2026.

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