u/Kind-Independence-67 · 10h ago3 prior · awaiting results
RIOT: Beat the Bar — and Sold the Treasury
Riot beat revenue and production guidance in Q3, but liquidated 90% of its bitcoin treasury (11,380 down to 2,418 BTC) to fund AI/HPC expansion. With a $573M bridge loan maturing December 31, 2026, the company faces a critical refinancing test; the bear case hinges on whether management can refinance this liability without further asset sales.