10:58 AM EDT, 06/05/2024 (MT Newswires) -- Riot Platforms ( RIOT ) shares fell 6.3% in recent Wednesday trading after Kerrisdale Capital disclosed a short position in the bitcoin miner.

"Bitcoin mining is easily among the worst business models for a public company we have ever encountered: unpredictable revenue, capital intensive, extremely competitive, a pure commodity product, and lately drawing intense regulatory scrutiny even in crypto-friendly places like Texas where Riot has 100% of its bitcoin production," Kerrisdale said in a report.

Kerrisdale called Riot Platforms ( RIOT ) "a fundamentally poor way for investors to express a view on bitcoin."

Riot Platforms ( RIOT ) didn't immediately respond to a request for comment from MT Newswires.

Price: 9.06, Change: -0.61, Percent Change: -6.31