Riot Platforms Launches $500 Million ATM Equity Offering Amid Mining Profitability Challenges
- New Financing Plan: Riot Platforms has launched an at-the-market equity offering of up to $500 million, replacing its previous program, reflecting ongoing pressure on bitcoin mining profitability as management opted to reset the structure rather than extend the old agreement.
- Historical Sales Review: Under the prior ATM agreement, Riot sold approximately $605 million in shares, leaving about $149.5 million unused, indicating an increased reliance on capital markets for funding.
- Mining Cost Pressure: According to estimates from TheMinerMag, Riot's total hashcost reached roughly $38.5 per PH/s in Q3, slightly above current network hashprice levels, suggesting that the company's mining operations are running near breakeven, limiting its ability to self-fund.
- Market Trend Reflection: The new ATM agreement expands Riot's group of sales agents, highlighting that external funding has become critical for miners to maintain liquidity and financial flexibility amid thin margins in the mining sector.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 36037.796 | 48018.898 | 60307.816 | 72288.918 | 84577.836 | 96558.938 | 108847.856 |
| Fibonacci | 48018.898 | 57290.046 | 63017.77 | 72288.918 | 81560.066 | 87287.79 | 96558.938 |
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