Tangent Alert: Huge "Energy-Waster" Of A Company... Invests Some Seed Money In "Waste To Energy" Company?! Hilarious!

From time to time over the prior eight or so years, we've discussed this silly Bitcoin "miner" -- which is '34 Act registered (for now) on the NASDAQ. It has never made a penny of GAAP EPS, from continuing operations, life to date -- nearly eight years, now. But it has paid executives over $200 million in compensation -- to lose perhaps $1.2 billion in that time. Insane, in a word.

So. . . today, Riot Platforms announced that it has dumped some of the cash it doesn't earn, from EPS it doesn't produce -- as a vast "energy wasting" company. . . into a company that is actually trying to generate meaningful levels of "reclaimed" energy -- from post consumer waste, in landfills -- by capturing synthesized methane, down in dusty West Texas.

Got all that?

Good. All this money came directly from rube-shareholders, throwing good money after bad.

And even with Bitcoin above $73,000 (and a new all time high) for part of the day, today -- Riot keeps falling, on the NASDAQ.

Hilarious. Here (below) are the specifics (insofar as they've been disclosed), but since no dollar amount was disclosed, the actual cash outlay is likely under $15 million, since that would end up below the materiality threshold -- which must be disclosed under SEC rules. But I suppose it is equally likely that it is a material amount, and Riot intends to bury it, in some R&D line, rather than as an equity method "investment".

We shall see, as the two guys behind Reformed Energy are themselves former -- and failed -- small scale Bitcoin miners:

. . .Reformed Energy Inc., a Texas corporation, announced today that it has secured a strategic investment from Riot Platforms, Inc. ("Riot"), marking a significant milestone for the company as it seeks to bring its unique plasma gasification technology to full commercialization.

By processing solid and liquid waste streams in its closed plasma gasification system, Reformed Energy can effectively prevent over 99% of the methane emissions and pollution that occurs with traditional waste disposal methods while reducing the physical volume of waste by about 90%. This process yields a versatile synthesis gas that can be utilized downstream for sustainable power generation and synthetic fuel production. In short, the company's unique technology has the ability to clean up existing landfills and reduce incoming waste streams.

The self-contained system does not require grid interconnection and generates carbon neutral power while actively reducing existing methane emissions. . . .

And yet. . . Riot remains below $11.60/share on the NASDAQ. Precious -- with BTC over $72,000 -- a pure bubble figure.

O U C H.

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