Riot Platforms Registers 8.2 Million Shares for Resale

Riot Platforms, Inc. (NASDAQ:RIOT), currently trading at $7.78 with a market capitalization of $2.75 billion, announced today the filing of a prospectus supplement to an existing shelf registration statement. This move will register 8.2 million shares of its common stock for resale, which are being issued to Rhodium 2.0 LLC, the identified selling stockholder. According to InvestingPro analysis, the stock appears slightly undervalued based on its Fair Value calculations, despite showing significant price volatility in recent months.

The shares in question are part of the consideration for the acquisition by Riot Platforms’ subsidiary, Whinstone US, Inc., of specific assets from Rhodium Encore LLC and its affiliates. This transaction also includes the settlement of all disputes between Riot Platforms and Rhodium under the Federal Rule of Bankruptcy Procedure 9019. The company maintains a strong liquidity position with a current ratio of 3.74, indicating robust ability to meet short-term obligations.

The prospectus supplement, filed with the Securities and Exchange Commission (SEC) on Thursday, April 24, 2025, pertains to Riot Platforms’ automatic shelf registration statement previously filed on August 9, 2024. The shares will be issued to Rhodium 2.0 LLC upon the execution of the purchase and sale agreement related to the acquisition.

The filing also includes the legal opinion of Womble Bond Dickinson, LLP regarding the validity of the common stock to be registered for resale by the selling stockholder. This legal step is customary in the process of registering shares for public resale and ensures the shares meet all regulatory requirements for issuance.

Riot Platforms, formerly known as Riot Blockchain, Inc. and before that, Bioptix, Inc. and Venaxis , Inc., has undergone several name changes, with the most recent being on October 4, 2017. The company is incorporated in Nevada and has its principal executive offices in Castle Rock, Colorado.

This announcement is based on a press release statement and does not contain any marketing hyperbole or subjective language. The filing with the SEC provides investors and the market with information about the availability of these shares for resale and the progress of the company’s acquisition strategy.

In other recent news, Riot Platforms, Inc. reported a record Bitcoin production of 533 units in March 2025, marking a significant increase from February’s 470 Bitcoins. The company also revealed that its Bitcoin mining revenue for March was estimated at $45.4 million, slightly up from February’s $45.1 million. Riot Platforms has entered into a settlement agreement with Rhodium, allowing the termination of a costly hosting contract, potentially saving the company $90 million over the contract’s duration. This settlement releases 125 megawatts of power, which Riot can now use to enhance its Bitcoin mining operations or develop its AI/High-Performance Computing (AI/HPC) capabilities.

Cantor Fitzgerald adjusted its price target for Riot Platforms, lowering it from $21.00 to $18.00, while maintaining an Overweight rating. This adjustment follows Riot’s increased Bitcoin mining production and operational improvements. Riot Platforms also announced the renewal of Colin Yee’s contract as Chief Financial Officer, effective April 12, 2025. The company continues to explore the potential of its Corsicana Facility for AI/HPC uses, with a feasibility study confirming its suitability for major cloud service providers. Riot Platforms is actively recruiting for various positions to support its infrastructure development and Bitcoin network operations.

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