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Why Riot Platforms Stock Was Up a Spectacular 356% Last Year

TheMotleyFool

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Why Riot Platforms Stock Was Up a Spectacular 356% Last Year: https://g.foolcdn.com/editorial/images/760821/investor-holds-phone-looks-at-chart.jpg

Shares of cryptocurrency mining company Riot Platforms (NASDAQ: RIOT) were up 356.3% in 2023, according to data provided by S&P Global Market Intelligence. The company mines and holds Bitcoin (CRYPTO: BTC), which for its part was up more than 150% during the year, providing a substantial tailwind to Riot stock.

The S&P 500 was up about 24% in 2023. So Riot benefited from both favorable stock market conditions and a bullish cryptocurrency market. However, as the chart shows, the movements of Riot stock deviated from the market and from Bitcoin in a couple of instances.