Why Riot Platforms, Inc. (RIOT) Soared On Friday

Angelica Ballesteros

Sat, Jun 7, 2025, 11:40 AM 2 min read

We recently published a list of 10 Stocks Are Dominating Like Wall Street Titans. In this article, we are going to take a look at where Riot Platforms, Inc. (NASDAQ:RIOT) stands against other Friday's best-performing stocks.

Riot Platforms saw its share prices rise by 9.57 percent on Friday to close at $9.85 apiece, mirroring Bitcoin’s rally, supported by its improved production of the cryptocurrency last month.

As of writing, Bitcoin’s prices are up by 2.78 percent at $104,434.90 apiece, as traders cheered news of better-than-expected employment data.

Meanwhile, Riot Platforms, Inc. (NASDAQ:RIOT) announced earlier this week that it was able to mine 514 Bitcoins last month, or 11 percent higher than the 463 produced in April, and by 139 percent as compared with the 215 Bitcoins in the same month last year.

A computer engineer working in a futuristic office, programming algorithms to mine cryptocurrency.

The company said the higher Bitcoin production was supported by an increased hash rate of 35.4 EH/s.

Bitcoin mining aside, Riot Platforms, Inc. (NASDAQ:RIOT) said it recently acquired 355 acres of land near its Corsicana site, intended for the development of data centers to serve high-performance compute, which typically require larger footprints than bitcoin mining to utilize the same power capacity.

“We will continue to look to strategically add additional land parcels to ensure that our Corsicana site is ideally suited to support designs for data centers that serve the needs of hyperscale and enterprise tenants,” said Riot Platforms, Inc. (NASDAQ:RIOT) CEO Jason Les.

Overall, RIOT ranks 8th on our list of Friday's best-performing stocks. While we acknowledge the potential of RIOT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.