How Riot Platforms Stock Tripled in the First Half of 2023, And Then Kept Soaring
Shares of Riot Platforms (NASDAQ: RIOT) rose 249% in the first half of 2023, according to data from S&P Global Market Intelligence. But that's not the whole story. The Bitcoin (CRYPTO: BTC) miner's stock continued to rise in early July, adding another 71.4% gain by the end of July 13. As of this writing, Riot's shareholders have pocketed a 499% return in 2023.
The crypto market is getting back on its feet after a brutal 2022. For example, Bitcoin has gained 83% year to date amid a strengthening global economy and various crypto-specific catalysts. Good news for Bitcoin is automatically great for Riot's stock, because the company's only business is Bitcoin mining on an industrial scale.
Last year's downturn set Riot up for a dramatic rebound in 2023. The stock plunged 84.8%, amplifying Bitcoin's full-year price drop of 64.8%. Riot has not made a complete recovery yet, trading 9.1% below its 2021 year-end price today.
Source Fool.com
