TLDR
- Riot Platforms (RIOT) stock dropped below $10 to $9.90, down 0.95% in early trading
- The stock showed volatility with a “W-shaped” recovery pattern between $9.70-$9.95 range
- Riot has been selling Bitfarms (BITF) shares, offloading 182,543 shares at C$1.10 on June 18th
- Recent transactions show Riot sold over 636,000 Bitfarms shares across multiple dates in June
- Bitfarms stock traded down 0.9% to C$1.09 with reduced volume compared to average
Riot Platforms opened Thursday morning with a thud, breaking below the psychological $10 barrier to trade at $9.90. The Bitcoin mining company saw its shares fall 0.95% from the previous close of $10.00.
The opening hour painted a picture of uncertainty. Traders pushed the stock as low as $9.70 before buyers stepped in to create what analysts called a “W-shaped” recovery pattern.
The intraday high reached $9.95, still below the previous day’s closing price. This failure to reclaim $10 signals potential weakness ahead.
Trading volume reflected the morning’s volatility. The stock’s performance remains tightly linked to Bitcoin’s price movements, as expected for a pure-play mining operation.
Riot’s Bitfarms Selling Spree
While Riot’s own stock struggled, insider trading data revealed the company has been systematically reducing its Bitfarms position. On June 18th, Riot sold 182,543 Bitfarms shares at C$1.10 per share.
This transaction generated C$201,192.51 in proceeds. The sale represents just one piece of a larger divestment strategy.
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