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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": "The slide uses a 'hamster wheel' metaphor to describe the fundamental economic challenge of bitcoin mining.",
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      "text": "Riot’s balance sheet is purely a function of looting retail shareholders through non-stop dilution.",
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      "text": "shares outstanding: 280m",
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      "kind": "paragraph",
      "text": "Though the company describes its growth plan as “fully-funded”... we believe the company’s preferred capital allocation strategy remains reloading ATM facilities and diluting shareholders.",
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      "kind": "paragraph",
      "text": "The stock printing is set to continue... CEO Jason Les and Executive Chairman Benjamin Yi have received $51m in stock awards each over the last three years.",
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      "text": "Riot management touts the strength of its balance sheet... Riot burns cash and the nature of its business does not allow it to stop for any prolonged period without a reduction in bitcoin mining production.",
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      "text": "A unique, fundamental challenge in mining bitcoin is its “difficulty adjustment”... Riot’s business is the financial equivalent of a hamster wheel (that spins faster every 4 years upon halving).",
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      "text": "Source: Kerrisdale analysis, RIOT SEC filings.",
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      "text": "Shares Outstanding (millions)",
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