Riot Platforms, Inc.

Riot Platforms, Inc. (NASDAQ: RIOT) operates as a Bitcoin mining and digital infrastructure enterprise, with mining activities located in central Texas and Kentucky, alongside electrical engineering and fabrication operations based in Denver, Colorado, and Houston, Texas. The company runs a Bitcoin-focused infrastructure platform and reports its operations under two segments: Bitcoin Mining and Engineering.

As per Kalkine’s American Tech Report published on ‘RIOT’ on Jan 06, 2026, Kalkine provided an ‘Buy’ stance on the stock at USD 14.79 based on fundamental analysis and the stock price has now moved up by ~ 27.45% since then.

Noted below are the details of support and resistance levels provided in our previous report:

Rationale:

• Strengthening Balance Sheet Backed by Asset Revaluation: The company’s balance sheet reflects a meaningful expansion in total assets, supported by higher fair values of digital assets and power-linked infrastructure, enhancing net worth and financial resilience as of Q3 FY25.
• Improved Operating Economics and Cost Efficiency: Operational metrics indicate a decline in unit production costs alongside higher utilization rates, implying improved underlying economics that reflect incremental valuation uplift embedded within current operations.
• Embedded Value in Power and Data Center Optionality: The company controls a large, fully permitted power portfolio with optional deployment toward data center and AI/HPC use cases, which is not yet fully reflected in reported earnings but represents latent economic value.
• Accumulation of High-Value Strategic Assets: An increased holding of digital assets and long-lived infrastructure assets at prevailing market values provides a valuation cushion.
• Market Valuation Disconnect Relative to Replacement Metrics: Comparative disclosures highlight that enterprise value per available megawatt remains below sector benchmarks, indicating a valuation gap.

Valuation (Using EV/Sales Multiple)

Share Price Chart

Conclusion

Company’s outperformance is anchored by the visible strengthening of the its financial position and the growing economic substance of its asset base. During Q3 FY25, higher fair valuation of digital assets combined with continued investment in power infrastructure enhanced balance sheet support, while improved utilization levels and lower unit costs reflected better operating efficiency and scalability. In parallel, the company’s large, fully permitted power portfolio and progress in data center development introduce meaningful future flexibility that is not yet fully reflected in near-term financial performance, particularly when viewed against sector benchmarks on an enterprise value per megawatt basis

Considering company’s improving asset-backed balance sheet, improving operating efficiency, and significant unrecognized value embedded in the company’s scalable power and data center infrastructure, a "Sell" recommendation on Riot Platforms, Inc. (NASDAQ: RIOT) has been given at the current market price of USD 18.85 as on 16 January 2026 at 7:35 am PST.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is 16 January 2026. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level which the stock is expected to reach as per the relative valuation method and/or technical analysis taking into consideration both short-term and long-term scenario.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’

Note 6: Dividend Yield may vary as per the stock price movement.