Broad Peak Discloses $17.86M Stake
In a 13F filing dated January 29, Broad Peak Investment Advisers revealed it acquired 1.41 million shares of Riot Platforms during the fourth quarter of 2025. The new position is valued at $17.86 million and constitutes 3.2% of the investment firm's reportable assets under management. This strategic purchase places the Bitcoin miner in a portfolio alongside major software and semiconductor companies, suggesting a thesis based on industrial and infrastructure growth rather than direct cryptocurrency exposure.
Riot's Record $180.2M Revenue Signals Infrastructure Pivot
The investment aligns with Riot Platforms' strengthening financial position and evolving business model. The company reported record revenue of $180.2 million in the third quarter of 2025, converting a prior-year loss into a $104.5 million net income. This performance is driven not only by Bitcoin mining but also by an expansion into data center development and power infrastructure. Riot's balance sheet showed significant strength, with over $330 million in unrestricted cash and approximately 19,300 bitcoin held, providing substantial operational flexibility. The company's buildout of 112 megawatts of capacity at its Corsicana campus exemplifies its strategic shift toward becoming a key "picks-and-shovels" provider for high-density computing.
RIOT Stock Outperforms S&P 500 by 45 Percentage Points
Broad Peak's investment follows a period of strong market performance for Riot. As of January 28, the company's shares had climbed 60.3% over the previous year, outperforming the S&P 500 by 45.27 percentage points. The stock was priced at $17.55 on that date. The disclosure highlights growing institutional interest in Bitcoin miners as a leveraged play on the broader digital asset ecosystem's infrastructure needs.
