Riot Platforms (RIOT) Beyond Bitcoin: You Want to Watch This Space
Riot Platforms, Inc. (NASDAQ:RIOT) is among the best cryptocurrency stocks to buy right now. This bitcoin stock has gained almost 140% in the past 12 months.
On April 21, Piper Sandler lifted its price target on Riot Platforms, Inc. (NASDAQ:RIOT) to $23 from $21 and reiterated an Overweight rating on the stock. The firm based its price target hike on a revised sum-of-the-parts valuation.
Piper Sandler noted that the Bitcoin mining company is well-positioned in the data center market as it makes the conversion to support AI and high-performance computing needs. According to the firm, Riot’s Corsicana and Rockdale sites in Texas are strong data center assets.
Additionally, the firm noted that the roughly $180 million that Riot raised through Bitcoin sales exceeded the roughly $90 million needed to cover the cost of retrofitting the company’s Rockdale data center facility for Advanced Micro Devices (AMD) use. In this light, the firm believes that a larger AI and high-performance computing capability buildout may be in the works.
Riot has secured a deal to lease its Rockdale data center to AMD for an initial 10-year period at a contract value of $311 million. There’s an option to extend the lease for three five-year periods. With these optional extensions included, the lease deal could be worth around $1 billion. Riot announced the AMD lease deal on January 16, when it also disclosed that it purchased the Rockdale data center site for $96 million. The site purchase was funded by proceeds from Bitcoin sales.
Riot closed 2025 with around $1 billion in Bitcoin and cash. The company produced 1,473 Bitcoin in Q1 2026 and sold 3,778 Bitcoin during that period. At the end of the quarter, its total holding stood at 15,680 Bitcoin.
Riot Platforms, Inc. (NASDAQ:RIOT) is a Bitcoin mining and digital infrastructure company. It operates Bitcoin mining facilities in the US. It also develops data centers to support the growing demand for AI and high-performance computing capabilities.
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