Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
Starboard Value Jeffrey Smith | “We appreciate our engagement with you over the past year, during which time Riot Platforms, Inc. (“Riot” or the “Company”) has begun a meaningful transformation. Just over one year ago, Riot launched its high-performance computing and artificial intelligence (“AI/HPC”) data center strategy. Over the same period, Riot has taken steps to begin improving its corporate governance and reducing expenses. While, of course, improving governance and managing expenses is critically important with still more work to be done, we, and other investors, are highly focused on seeing Riot execute on sizable and value creating AI/HPC deals in the near future. The recently announced transaction with Advanced Micro Devices, Inc. (“AMD”) is a positive signal and confirms our views regarding the intrinsic value of Riot's key sites, but it is a small proof of concept deal, and we, like you, expect significantly more. Although this underperformance is frustrating, we believe that Riot is better positioned to do higher-quality deals than its peers. Time is of the essence, and a renewed sense of urgency is required to get more material deals completed. It is an exciting time in the data center market. AI/HPC companies have announced ambitious plans to scale their capacity exponentially over the next few years. Perhaps the biggest constraint on this build-out is the availability of power in locations suitable for high-quality data centers. This only makes Riot's already-powered sites more valuable. Riot's two primary sites, Corsicana and Rockdale, together comprise 1.7GW of fully available power. Riot announced its inaugural data center deal on January 16, 2026 with AMD, demonstrating the Company's ability to attract highly sophisticated, investment-grade tenants. The initial 25MW lease is expected to generate $311 million of revenue across an initial 10-year term with an EBITDA margin of ~80%, translating to approximately $1 million of EBITDA per CIT MW. Critically, the Company can retrofit existing infrastructure at Rockdale for a capex cost of just $3.6 million per CIT MW, making the yield-on-cost highly attractive. With 1.4GW of gross capacity remaining to be monetized, Riot is in an enviable position. If Riot can monetize its power in-line with recent precedent transactions, we believe it could generate more than $1.6 billion of annual EBITDA. Factoring in buildout costs and applying valuation multiples at a discount to public data center REITs, we believe the equity value contribution from AI/HPC data centers could be $9 to $21 billion, implying a pro forma share price of $23 to $53 per share, even without ascribing any value to its bitcoin mining or engineering businesses or its NOL carryforwards. We believe Riot is on its way to a transformation from a bitcoin miner to a best-in-class AI/HPC data center company, but it must execute with urgency. BSD Analysis: Riot is leveraged bitcoin infrastructure that lives and dies by power contracts and hash rate, not marketing slogans. Scale and access to cheap energy determine survival in mining, not brand awareness. Investors treat it as a pure BTC proxy and miss operational execution differences between miners. Volatility is the business model, but consolidation favors larger, better-capitalized operators. Capital intensity is high, yet marginal economics explode in upcycles. Regulatory risk cuts both ways by squeezing weaker competitors. This is digital commodity production with asymmetric torque when crypto runs.” | BULL | Q4 2025 Feb 18, 2026 | View Pitch |
Ennismore Global Equity Fund Ennismore Fund Management Limited | “Riot Platforms operates in crypto mining, which the manager evaluates as a structurally unviable business model with terrible economics. The company trades at a premium to book value despite relying on heavily depreciated hardware bought at inflated prices. Furthermore, the rising network difficulty of mining continues to erode potential gains from any rebounds in Bitcoin's spot price.” | BEAR | Q1 2023 Apr 12, 2023 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
