Kerrisdale criticized RIOT for cash burn and exploiting retail shareholders with continuous ATM offerings, despite BTC's high value. It holds BTC as a hedge against shorting RIOT.
Kerrisdale previously shorted MSTR, and although the stock recovered slightly, it still trades 14% lower following the report.
Riot underperformed on Wednesday due to Kerrisdale's short position and praise for BTC over RIOT. The company didn't comment on the accusations.
Kerrisdale accused RIOT of unsustainable cash burn and criticized its mining operations as unprofitable, affecting shareholders negatively.
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