I've been following RIOT for a few months now. Initially it was moving hand in hand as BTC did, but it broke away from that and went off on its own. Its really just trading in a range now with some influence of what BTC is doing. One thing that I've noticed on this company compared to others is they put out very little info in the way of news. We only really see how many miners they've purchased and when they are being deployed. Not much other info. Sure I can understand with a company that only has a handful of employees they likely dont care very much about what people buying the stock think over what their day to day duties are. I think that is hurting them. Even MARA is putting news out or getting on video and discussing topics. It gives at least some legitimacy to their operation. Going forward it seems like the best move is to just trade the zones, long below $50 and start thinking about shorting when it gets to $60 or even just close your longs out and wait for the pullback.
Until this gets back above $67, I dont think we have much to work with in the way of upward value for the time being. MARA which was much lower than RIOT did actually catch up in price this week too. So both of these things are really only moving because hype vs actual value. You can of course trade either but it seems like the hype has backed off on this one.
Now if you are trading this for exposure to BTC until we of course get an ETF for it, you are better served by getting GBTC for buying shares or MSTR for shares/options. Keep in mind the options on MSTR are low volume and very wide bid/ask spreads, however extremely juicy premium if you like selling Theta.
Until this gets back above $67, I dont think we have much to work with in the way of upward value for the time being. MARA which was much lower than RIOT did actually catch up in price this week too. So both of these things are really only moving because hype vs actual value. You can of course trade either but it seems like the hype has backed off on this one.
Now if you are trading this for exposure to BTC until we of course get an ETF for it, you are better served by getting GBTC for buying shares or MSTR for shares/options. Keep in mind the options on MSTR are low volume and very wide bid/ask spreads, however extremely juicy premium if you like selling Theta.