On November 14, New York City-based OnyxPoint Global Management disclosed a new stake in Riot Platforms (RIOT 2.03%), acquiring 232,206 shares for an estimated $4.42 million position during the third quarter.
What Happened
OnyxPoint Global Management LP reported a new position in Riot Platforms (RIOT 2.03%), purchasing 232,206 shares with a market value of $4.42 million as of September 30, according to a filing with the Securities and Exchange Commission published November 14. The stake represents 2.38% of the fund’s $185.59 million in reportable U.S. equity holdings across eight positions.
What Else to Know
Top five holdings after the filing:
- NYSE:PR: $107.46 million (57.9% of AUM)
- NASDAQ:TLN: $43.79 million (23.6% of AUM)
- NASDAQ:CHRD: $9.11 million (4.9% of AUM)
- NASDAQ:EXEEL: $8.18 million (4.4% of AUM)
- NYSE:OXY.WS: $5.82 million (3.1% of AUM)
As of Tuesday, RIOT shares were priced at $13.20, up about 26% over the past year and well outperforming the S&P 500, which is instead up about 17%.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $637.16 million |
| Net Income (TTM) | $164.00 million |
| Price (as of Tuesday) | $13.20 |
| One-Year Price Change | 26% |
Company Snapshot
- Riot Platforms provides institutional-scale Bitcoin mining operations, power distribution equipment, and custom-engineered electrical products.
- The company generates revenue primarily from Bitcoin mining activities and engineering services for large-scale commercial and governmental customers.
- It serves institutional clients in the cryptocurrency, data center, utility, and industrial sectors.
Riot Platforms, Inc. is a leading U.S.-based Bitcoin mining company with vertically integrated operations, including infrastructure design and power distribution manufacturing. The company leverages large-scale mining facilities in Texas and Kentucky to maintain cost efficiency and operational scale. Riot's strategic focus on infrastructure and engineering services provides diversification and a competitive edge in the rapidly evolving digital asset ecosystem.
Foolish Take
After years of being treated as a pure Bitcoin proxy, Riot Platforms is starting to show what institutional investors actually want to see: operating scale, balance sheet strength, and optionality beyond the coin price.
In the third quarter, Riot posted record revenue of $180.2 million and net income of $104.5 million, a sharp reversal from last year’s $154.4 million loss in the same period. Adjusted EBITDA reached $197.2 million, helped by higher Bitcoin prices but also by genuine operating leverage. The company, meanwhile, mined 1,406 bitcoin during the quarter at an average cash cost of $46,324 per coin, while power curtailment credits meaningfully offset energy costs. That cost discipline matters in a business where margins can evaporate quickly.
Just as important, Riot ended the quarter holding 19,287 bitcoin worth roughly $2.2 billion, alongside $330.7 million in unrestricted cash. That financial flexibility is rare in the sector and increasingly valuable as Riot pivots toward large-scale data center development. Management has already begun construction on 112 megawatts of capacity at its Corsicana campus, signaling ambitions well beyond mining. Within OnyxPoint’s portfolio, this is a modest position, but it fits a pattern of concentrated exposure to energy and infrastructure-adjacent assets with asymmetric upside.
Glossary
Assets under management (AUM): The total market value of investments managed by a fund or investment firm.
Reportable assets: Investments that a fund is required to disclose in regulatory filings, typically U.S. equity holdings.
Stake: The amount of ownership or investment a fund holds in a particular company.
Position: The quantity of a security or asset held in a portfolio.
Top five holdings: The five largest investments in a fund’s portfolio, ranked by value.
Institutional-scale: Designed to meet the needs of large organizations, such as investment funds or corporations.
Vertically integrated: A company that controls multiple stages of its supply chain or production process.
Power distribution equipment: Hardware used to manage and deliver electricity within large facilities or operations.
Custom engineered electrical products: Specialized electrical components designed and built to meet specific client requirements.
Engineering services: Professional services involving the design, construction, or maintenance of technical systems or infrastructure.
Total return: The investment's price change plus all dividends and distributions, assuming those payouts are reinvested.
TTM: The 12-month period ending with the most recent quarterly report.
