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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 two line charts to demonstrate the dilution of shareholder value in terms of bitcoin production and holdings.",
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      "text": "The combination of Riot's inability to increase bitcoin production and perpetual stock sales has resulted in sustained declines in both bitcoin production per share and bitcoin held per share.",
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      "text": "Monthly Bitcoin Mined per Share",
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      "text": "Bitcoin per share",
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      "text": "We argue these two important metrics fundamentally negate the relative attractiveness of owning Riot shares versus simply owning bitcoin.",
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      "text": "Thus, despite all the cash burn and executive compensation in March 2024, Riot mined 425 bitcoins, 17% less than what it mined two years ago despite having tripled the amount of computing power chasing the opportunity – and this was before the halving.",
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      "text": "Source: Kerrisdale analysis, RIOT SEC filings.",
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