Riot Platforms has ‘thrown down the gauntlet’ with ‘nice win,’ says JPMorgan

After Riot Platforms announced that it has executed a purchase option and updated its long-term purchase agreement with MicroBT Electronics Technology to receive 66,560 latest generation miners, representing a total of 18 EH/s, JPMorgan said this is “one of the largest single purchase orders by a U.S.-listed mining operator ever” and positions the company to reach more than 38 EH/s of self-mining capacity in 2025. Riot “has thrown down the gauntlet” with this “nice win,” which positions the company to be “one of the most profitable and largest U.S.-listed bitcoin miners by hashrate” entering 2025, added the analyst. The firm has an Underweight rating on Riot Platforms shares.