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Bitcoin (BTC) miner Riot Platforms (NASDAQ: RIOT) may have disappointed investors with its latest earnings report.
Following Riot’s fourth-quarter earnings release on March 3, several analysts lowered their price targets on the stock.
However, none of them shifted to a bearish stance as they show confidence in the company’s growth strategy despite near-term volatility.
Related: Riot Platforms stock jumps after $1B AMD AI deal
During Riot’s fourth-quarter earnings call, company leadership highlighted a strategy that is becoming increasingly common among large Bitcoin mining firms: selling BTC to finance growth.
Chief Financial Officer Jason Chung explained that Riot has been selling its ongoing monthly Bitcoin production and occasionally tapping into its treasury reserves to fund operations and capital expenditures.
“In addition to selling all of our ongoing Bitcoin monthly production, we have and will continue to sell Bitcoin directly from our balance sheet to fund our operational needs and growth CapEx,” Chung said during the call.
One example is Riot’s $96 million acquisition of the Rockdale site, which was funded entirely through the sale of nearly 1,100 Bitcoin from the company’s treasury.
Even with periodic BTC sales, Riot remains one of the largest corporate holders of Bitcoin.
The company currently holds 18,005 BTC, valued at roughly $1.2 billion at current market prices, according to data from BitcoinTreasuries.net. That makes Riot the seventh-largest corporate Bitcoin holder globally.
Financially, Riot reported a loss of $2.03 per share in the fourth quarter on revenue of $152.83 million.
However, the company’s broader trajectory remains strong. Riot reported a 71% jump in full-year revenue for 2025, largely driven by a $255.3 million increase in Bitcoin mining revenue.
Apart from Bitcoin mining, Riot is increasingly moving towards artificial intelligence. The Bitcoin miner entered a major partnership with semiconductor giant AMD just this January.
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A wave of research notes hit the market shortly after Riot’s earnings call, with analysts adjusting price targets downward while maintaining positive ratings.
Cantor Fitzgerald analyst Brett Knoblauch kept an Overweight rating on Riot Platforms but lowered his price target from $31 to $29. Piper Sandler maintained its Overweight rating as well, trimming its target from $26 to $21.
Meanwhile, Needham reiterated a Buy rating while cutting its target from $30 to $24, and HC Wainwright also maintained its Buy rating, lowering its forecast from $26 to $23.
Overall, the analyst consensus remains firmly bullish: four analysts rate the stock bullish and one somewhat bullish, with no bearish ratings.
The average price target now stands at $24.60, with the highest estimate reaching $30.
At press time, Riot shares were trading 5.63% lower at $15.60. Despite the recent drop, the stock remains up 10.17% year-to-date and 75.68% over the past year.
Related: Riot Blockchain Buys Largest American Crypto Mining Site for $650 Million
