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Riot Platforms’ Acquisition of Block Mining Makes Sense, JPMorgan Says
Riot will have the second-largest capacity among U.S. listed bitcoin miners following the purchase, and the deal serves as the latest evaluation of underdeveloped power assets, the report said.
Updated Jul 24, 2024, 12:06 p.m. Published Jul 24, 2024, 12:03 p.m.
- Riot’s acquisition of rival bitcoin miner Block Mining makes sense, the report said.
- JPMorgan noted that Riot will have the second-largest capacity of the U.S.-listed bitcoin miners.
- The bank has an overweight rating on Riot stock with a $12 price target.
Riot Platform’s (RIOT) acquisition of rival bitcoin miner Block Mining makes sense because it diversifies the company’s power supply and increases its capacity to over 2 gigawatts (GW), JPMorgan (JPM) said in a research report on Wednesday.
Riot will have the second-largest capacity among U.S. listed bitcoin miners following the acquisition, and the deal also “serves as the latest appraisal of undeveloped power assets,” analysts Reginald Smith and Charles Pearce wrote.
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Still, the announcement is surprising, given the expansion potential at Riot’s Corsicana site in Texas, the report said.
The Block Mining acquisition is not the company’s only attempt at M&A in recent months. Riot recently dropped a proposal to buy peer Bitfarms (BITF) and is looking to overhaul that target's board before engaging in further takeover attempts.
JPMorgan notes that the Block Mining deal will add 1 exahash per second (EH/s) to Riot’s hashrate, a measure of its computational power, and may contribute up to 16 EH/s by the end of 2025. The hashrate is a proxy for competition in the industry and mining difficulty.
The bank has an overweight rating on Riot shares with a $12 price target. Riot was trading 0.5% higher at $11.65 in early trading on Wednesday.
Broker Bernstein said Riot was best suited to consolidate the bitcoin mining sector, in a report in May.
Read more: Riot Platforms Is Best Suited to Consolidate Bitcoin Mining Sector: Bernstein
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