Ice Age ’25 arrived with a very pronounced Bitcoin spot price “death cross”. . . overnight on Monday US time. That meant Riot’s cost of power and plant (without even considering depreciation of the rigs!) is well over the current spot price.
Updated X3: by the wee hours US time on Friday, 11.21.2025, BTC has fallen out of bed — to $82,150. . . down from ~$126,400 just seven weeks ago. Fugly!
Huge “marked to market” losses on the hoard are coming at Q4 / Year End 2025. And Riot has no realistic AI pipeline. [It has essentially halted “building out” the supposed compute/AI footprint, at Corsicana.]
Here is the latest, from CoinDesk:
. . .Bitcoin plunged below $90,000 Tuesday Hong Kong time on Coinbase, extending a selloff that has now erased the entirety of its 2025 gains and pushed sentiment into one of its most depressed readings of the cycle.
The drop to $89,420, its lowest level since February, comes just six weeks after prices topped out at a record $126,250, marking a sharp reversal. . . .
There is no investible thesis for Riot Platforms at this point. Look for a NASDAQ sub-$7, soon.
नमस्ते
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