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.
Recent SEC filings show Riot has been active in the Bitfarms market throughout June. On June 20th, the company offloaded 450,496 shares at C$1.11, generating nearly C$500,000.
Earlier in the month, Riot made smaller but consistent sales. Multiple transactions on June 16th, 11th, and 9th show a pattern of steady selling.
The total June sales exceed 636,000 shares across all reported transactions. Average selling prices ranged from C$1.10 to C$1.25 per share.
Market Response and Technical Levels
Bitfarms stock responded negatively to the selling pressure. Shares closed Thursday at C$1.09, down 0.9% for the session.
The Canadian-listed mining company saw reduced volume of 598,880 shares. This compares to its average daily volume of nearly 2 million shares.
Bitfarms trades well below its 50-day moving average of C$1.33. The 200-day moving average sits even higher at C$1.72.
The stock’s 52-week range spans from C$0.96 to C$4.30. Current levels hover dangerously close to the yearly low.
ATB Capital analysts recently slashed their price target from C$6.50 to C$3.75. They maintained an “outperform” rating despite the dramatic reduction.
Bitfarms carries a debt-to-equity ratio of 4.68 and maintains a current ratio of 3.70. The company’s beta of 3.20 indicates high volatility relative to the broader market.
For Riot, the key technical level remains the $10 threshold. A sustained break above this level could attract momentum buyers back into the stock.
Support sits at the day’s low of $9.70. A break below this level would likely trigger additional selling pressure and test lower support zones.
Riot’s latest trading data shows the company sold 182,543 Bitfarms shares on June 18th at C$1.10 per share as part of ongoing position reduction.
