Analysis published 16 Jun 2026
AI-generated · cited to primary sources · not investment advice
Riot Platforms, Inc. - Common Stock (RIOT) Dec 2025 Filing Analysis
04 · Risk
What could break the thesis?
GPU Supply and Refresh Cycles
Supplier concentration remains high and stable. All miner purchases in 2024 and 2025 were from MicroBT, with $779.5 million in total purchase orders executed. (1 stable)
“All of our miner purchases in 2024 and 2025 were from MicroBT... Because only a limited number of manufacturers can produce ASIC miners at scale, supply chain concentration presents a risk.”
Riot Platforms, Inc. - Common Stock · Annual Report · Dec 2025 · p.16
See the full cited Risk analysis of Riot Platforms, Inc. - Common Stock
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