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  "documentTitle": "Riot Platforms, Inc. (RIOT)",
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  "authorName": "Kerrisdale Capital",
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  "presentationDate": "2024-06-01 00:00:00",
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  "notes": "This is a research note conclusion slide from Kerrisdale Capital regarding Riot Platforms.",
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      "text": "The inability to efficiently produce bitcoin on a per share basis undermines the sole fundamental reason to own a miner versus bitcoin.",
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      "text": "Large-scale bitcoin mining is a challenging, technologically complex business. A recurring theme among the industry participants we spoke with is the presence of an inverse correlation between those with access to capital and true operational chops.",
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      "text": "The most profligate issuers of stock paper over their mistakes, chase growth without a disciplined eye toward cost, and have executives featuring financial rather than technical backgrounds – a recipe for failure long-term. We believe Riot is precisely such a company.",
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      "text": "The inability to efficiently produce bitcoin on a per share basis undermines the sole fundamental reason to own a miner versus bitcoin. Riot shares may periodically spasm during periods of bitcoin excitement, but 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.",
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