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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Jun 30, 2024 | ProChain Capital | - | 32.5% | BITF, BTDR, HOOD, IREN, MSTR, RIOT, SONY | Bitcoin, Blockchain, crypto, ETFs, Ethereum, Mining, regulation | The manager views the current market as offering an incredible investment opportunity into cryptoassets generally. Despite recent price declines from technical selling pressure, the crypto industry has achieved major wins in US federal legislative and judiciary branches with sustained support from financial market participants. The SEC remains a challenge but is in a shrinking minority with numerous judicial setbacks. | View | |
| 2023 Q1 | Apr 12, 2023 | Ennismore Global Equity Fund | 1.6% | 1.6% | ADM.L, ASC.L, BZU.MI, DIE.BR, DLG.L, MONY.L, RIOT, ROO.L, SCHA.OL, SI, STO.DE, TCX, TKA.DE | Credit Cycle, Europe, industrials, Long/Short, materials, small caps, value | Manager sees emerging signs of credit cycle stress including bank failures, rising consumer delinquencies, and tightening lending conditions. Views this as characteristic of familiar credit cycle patterns where excesses built during easy credit periods eventually lead to cracks that spread throughout the economy. | DIEPA.BR |
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| 2024 Q4 | Feb 26, 2025 | Crypto Native Capital | 26.7% | - | CLSK, COIN, HUT, IBIT, MARA, MSTR, RIOT, SQ, TSLA | Bitcoin, Blockchain, crypto, Digital assets, ETFs, Institutional, regulation | The fund focuses on cryptocurrency investments with Bitcoin ETFs marking crypto's mainstream adoption. Bitcoin has the strongest moat in crypto through decentralization and trust, while smart contract platforms like Ethereum and Solana face ongoing competition requiring constant innovation. | View | |
| 2025 Q4 | Feb 18, 2026 | Starboard Value | 0.0% | 0.0% | AMD, APLD, CIFR, DLR, EQIX, HUT, RIOT, WULF | Activist, AI, crypto, Data centers, Power, value | Riot is positioned to capitalize on the massive AI/HPC data center opportunity as AI companies scale capacity exponentially. The company's sites are well-suited for AI training, inference, edge computing, and various data center applications, with power being the biggest constraint for AI buildout. Riot's transformation from bitcoin mining to AI/HPC data centers represents tremendous value creation potential. The company has 1.7GW of fully available power at prime locations that could generate over $1.6 billion of annual EBITDA if monetized at recent precedent transaction rates. Cryptocurrency mining companies have become attractive sources of near-term power capacity for AI/HPC companies. From August to year-end 2025, four crypto mining companies announced AI/HPC deals for approximately 1.4GW of gross capacity at attractive leasing rates. | RIOT |
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| 2025 Q3 | Oct 27, 2025 | 13D Activist Fund | 8.9% | 2.7% | ABG, ALV, APD, BILL, EXEL, KVUE, MIDD, MRCY, PENN, PFGC, PSO.L, QRVO, RIOT, SWX, TRIP, TWLO, VSAT, VSTS, WK, YETI | activism, M&A, SMID Cap, technology, value | Activist activity and success have been flourishing with the Universal Proxy Card increasing campaign success rates from 73% to 88%. The fund expects significant alpha generation from activists like Jeff Smith, Scott Ferguson and Dan Loeb as markets rotate into value investing. | WK VSAT TRIP PFGC |
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| 2024 Q4 | Jan 13, 2025 | 13D Activist Fund | 0.8% | 1.7% | ALV, APD, AZTA, BBWI, ENV, EXEL, FTR, HR, JHG, LW, MDU, MRCY, NSIT, PSO, RIOT, RPD, SWX, THS, TWLO, VSTS | activism, Bitcoin, Corporate Governance, Data centers, M&A, Proxy Fights, SMID Cap, value | 2024 was a record year for shareholder activism with 128 new initiations in North America. Success rates continue to soar with activists achieving 96% success rate in 2023 and 86% in 2024 versus high 60s historically. Shareholder activism is becoming more mainstream with 40 non-activists launching new campaigns in 2024. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2026 | Fund Letters | Jeffrey Smith | Riot Platforms, Inc. | Information Technology | Data Center REITs | Bull | NASDAQ | Activism, AI, data centers, infrastructure, monetization, Power, valuation | View Pitch |
| Nov 27, 2025 | Value Investors Club | R. jolishwish617 | Riot Platforms Inc. | Financials | IT Services | Bull | NASDAQ | Corsicana, Rockdale, Liquid cooling, Hyperscalers,Data center, HPC, CoreWeave comps, AI | View Pitch |
| Sep 16, 2025 | Short Thesis | Kerrisdale Capital | Riot Platforms Inc | Financials | IT Services (Blockchain & Crypto Mining) | Bear | NASDAQ | Bitcoin, Dilution, energy, Mining, Regulation | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Cyn Research | Riot Platforms | Financials | Capital Markets | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Marc Gerstein | Riot Platforms, Inc. | Financials | Capital Markets | Bull | NASDAQ | — | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||