Aug. 01, 2025 6:30 AM ETRiot Platforms, Inc. (RIOT) StockBTC-USD, RIOTMike Fay5.93K FollowersSummaryRiot Platforms remains highly dependent on Bitcoin mining, with 92% of Q2-25 revenue from BTC despite efforts to diversify.Profitability is weak: positive net income was solely due to BTC revaluation; core operations are unprofitable even with high BTC prices.The company shifted from HODLing to selling most mined BTC in Q2, signaling possible industry stress and the need to fund data center expansion.I maintain a 'hold' rating on RIOT, as mining economics remain challenging and upside is capped unless the BTC price surges further.Oselote/iStock via Getty ImagesA little over 5 months ago, I covered Riot Platforms (NASDAQ:RIOT) for Seeking Alpha and declared the stock a viable trading ticker, but probably not something investors should hold for a long period of time. InThis article was written byMike Fay5.93K FollowersFormer media research analyst. Main coverage areas are crypto, BTC miners, metal, and media equities. I'm not an investment advisor. I just share what I do with my own capital and why. Outside of Seeking Alpha, I also write the Heretic Speculator newsletter over at Substack.Analyst’s Disclosure:I/we have a beneficial long position in the shares of BTC-USD either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.I'm not an investment advisor.Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.CommentsRecommended For You