Riot shares recovered from more than a 9% dip in the first hour of trading following a damning report from short seller Kerrisdale Capital.
Shares in Riot Platforms Inc (RIOT) recovered from a hefty dip on June 5 after a strongly-worded report from short seller Kerrisdale Capital, claiming the firm would collapse and that Bitcoin (BTC) miners are selling “snake oil.”
Kerrisdale’s June 5 report claimed Riot “does a far better job playing energy arbitrage games and issuing stock than generating shareholder value by mining crypto.”
In an accompanying post on X, the firm added it was launching “a war against Bitcoin miners, an industry of snake oil salesmen.” It noted it was betting against the company but was long Bitcoin — a bet its price will rise.