Riot Platforms Inc (RIOT) recovered from a stock dip after short seller Kerrisdale Capital accused the Bitcoin miner of burning through cash and “looting retail shareholders.”
Riot shares recovered from more than a 9% dip in the first hour of trading following a damning report from short seller Kerrisdale Capital.
Shares in Riot Platforms Inc recovered from a hefty dip on June 5 after a strongly-worded report from short seller Kerrisdale Capital, claiming the firm would collapse and that Bitcoin . “Why own shares in a company like Riot, which has seen Bitcoin holdings per share and Bitcoin production per share steadily decline, versus simply owning Bitcoin itself,” the firm asked.
“Over the long-term, its true nature as that of a basic manufacturing company whose only competitive advantage is the ability to manufacture more stock at a whim will only disappoint shareholders who will regret not simply buying Bitcoin.”at Bitcoin-holding firm MicroStrategy , claiming it was better to instead hold Bitcoin ETFs to get exposure to the cryptocurrency.
MSTR closed at $1704.56 on the day of the report, its only down around 0.58% since — closing today at $1,694.69 but is still at a year-to-date gain of over 147%,Rushing OP_CAT on Bitcoin could come at an immense security cost
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