I’ve always believed that investing is just a more glamorous form of overthinking. Take 13D Management’s recent decision to sell its Riot Platforms stake. It reads like a cautionary tale written by someone who’s never owned a single share of stock but has strong opinions about how other people should manage theirs.
What Happened
On November 14, 13D Management LLC, a New York-based fund with the dramatic flair of a soap opera antagonist, filed its quarterly report revealing it had exited its entire position in Riot Platforms. The move shaved $5.12 million off its portfolio-a tidy sum, though I’m told that’s only about 0.000000001% of the wealth accumulated by people who own private islands.
What Else to Know
The fund’s new favorites? A list that makes me wonder if someone just alphabetized their grocery list:
- NASDAQ:MRCY: $10.60 million (10.2% of AUM)
- NASDAQ:QRVO: $8.08 million (7.7% of AUM)
- NASDAQ:VSAT: $7.82 million (7.5% of AUM)
- NYSE:ALV: $6.90 million (6.6% of AUM)
- NYSE:PSO: $6.49 million (6.2% of AUM)
Riot’s stock, now trading at $13.44, has mirrored the S&P 500’s annual gains. Nothing too exciting, just the kind of performance that makes you wonder if you’ve accidentally left your portfolio on “autopilot.”
Company Overview
| Metric | Value |
|---|---|
| Price (as of Friday) | $13.44 |
| Market capitalization | $5 billion |
| Revenue (TTM) | $637.16 million |
| Net income (TTM) | $164.00 million |
Company Snapshot
- Riot Platforms, Inc. operates large-scale Bitcoin mining facilities and provides engineering services, including power distribution equipment and custom electrical products.
- The company generates revenue primarily from Bitcoin mining operations and from designing, manufacturing, and installing electrical infrastructure for commercial and governmental clients.
- Its main customers include institutional-scale Bitcoin miners, data centers, utilities, and large industrial or governmental organizations requiring advanced electrical systems.
Riot Platforms, Inc. is a leading U.S.-based Bitcoin mining company with a diversified business model that includes both cryptocurrency mining and specialized engineering services. The company leverages its scale and technical expertise to deliver critical infrastructure solutions for institutional clients. Or, as my uncle Bob once called it, “the electrician for people who mine digital gold.”
Foolish Take
Riot Platforms is no longer a pure beta trade on bitcoin prices. The company just delivered a blowout quarter, posting $180.2 million in revenue, $104.5 million in net income, and nearly $200 million in adjusted EBITDA. On paper, this looks like the kind of operating leverage long-term investors wait years to see. But let’s not forget: numbers on a page don’t care if you’ve been waiting for a miracle since 2018.
For 13D Management, Riot had grown into a mid-single-digit position at a moment when the stock’s risk profile was quietly changing. Mining economics are tightening, hash rate competition is rising, and Riot’s strategy is increasingly tied to capital-intensive data center development rather than pure mining upside. That shift may ultimately create more durable value, but it also introduces longer timelines and execution risk. Plus, shares were up as much as nearly 90% year to date through last quarter, so the sizable run might’ve given some reason to lock in gains.
Ultimately, selling after a solid year suggests discipline, not panic. Riot’s shares are now up roughly in line with the market, not screaming cheap nor obviously stretched. I can’t help but think of my cousin, who sold Apple at $150 in 2016 because she thought it was “overvalued” and now owns a single share of Dogecoin. Discipline is relative.
Glossary
13F reportable assets: Assets that institutional investment managers must disclose quarterly to the SEC, showing holdings in U.S. publicly traded securities.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Liquidated: Sold off an entire investment position, converting it fully to cash or cash equivalents.
Quarterly filing: A report submitted every three months by investment firms, detailing portfolio holdings and changes.
Position: The amount of a particular security or asset held by an investor or fund.
Stake: The ownership interest or investment held in a company by an individual or institution.
Exposure: The degree to which an investor or fund is affected by changes in the value of a particular asset or market.
Institutional-scale: Refers to products or services designed for large organizations, such as investment funds or corporations, rather than individual investors.
Custom electrical products: Specialized electrical equipment designed and manufactured to meet unique client requirements.
Engineering services: Professional services involving the design, development, and implementation of technical solutions, often for infrastructure projects.
Bitcoin mining: The process of using computers to validate Bitcoin transactions and earn new Bitcoins as rewards.
TTM: The 12-month period ending with the most recent quarterly report.
And there you have it-a tale of numbers, nerve, and the quiet thrill of watching someone else’s spreadsheet come to life. 🤑
Read More
- 🚀 Doge’s Zero-Hour: Will It Go From Hero to Zero? 😱
- STX PREDICTION. STX cryptocurrency
- Sanctions Turn Russia’s Crypto Ban into a World-Class Gimmick! 🤑
- Actor James Ransone Has Passed Away, Age 46
- Crypto’s 2026: Bitcoin’s Last Laugh or RWA’s Big Bang? 🚀💰
- Avatar: The Last Airbender Movie Skips Theaters, Heads Straight to Streaming
- Galaxy Digital’s 40% Plunge and a $4.7M Bet
- Umamusume: How to unlock outfits
- Billionaire’s Crypto Shuffle: What IS He Up To?! 🧐
- Gold and Bitcoin Duel: The Final Act of the Decade’s Most Dramatic Show! 🎭✨
2025-12-27 01:02