Riot stock falls after short-seller Kerrisdale Capital’s report

June 05, 2024 08:10 AM PDT | By Invezz

Riot stock falls after short-seller Kerrisdale Capital’s report — Image source: Invezz

RIOT stock plummets

While Kerrisdale outlined a short position in RIOT, it said it was long Bitcoin (BTC), the flagship cryptocurrency whose price is up 11% in the past 30 days and 60% up YTD.

Bitcoin price was up 2.1% in the past 24 hours on Wednesday morning ET hours, changing hands around $70,900 as bulls targeted a potential breakout to a new all-time high.

Meanwhile, Riot Platforms shares were down 7.24% in latest trading, changing hands at $8.97. Today’s losses finds the bitcoin miner’s stock facing a lower close that would extend the struggle seen since May 31. RIOT is down 17% this past month and 42% down year-to-date.

Other crypto stocks also struggled on Wednesday, with Cleanspark shares just in the green at the time of writing, while Marathon Digital Holdings was down 1.6%.

Bitfarms, which Riot Platforms sought to takeover last week, was also flat. Hut 8 Corp also traded just in the green on the day, with the shares up 5% in the past week.

The post Riot stock falls after short-seller Kerrisdale Capital’s report appeared first on Invezz

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