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Riot Platforms Falls After the Bitcoin Miner Is Targeted by Short-Seller Kerrisdale

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Bitcoin miner Riot Platforms underperformed peers on Wednesday after prominent short-seller Kerrisdale Capital said it's short RIOT stock and long bitcoin

Kerrisdale accused the miner of burning cash and gouging retail shareholders through its at-the-market funding strategy. "Like other US listed miners, $RIOT’s biz model is a dysfunctional hamster wheel of cash burn, which is why it loots retail shareholders with non-stop ATM issuance to fund operations. Even withRiot's shares were among the worst-performing crypto-linked stocks on Wednesday, declining over 6%, while bitcoin rose. A representative for Riot didn't immediately return a request for comments.This isn't the first time Kerrisdale has targeted crypto-related stocks.

 

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