Riot Platforms, Inc. (NASDAQ:RIOT) is one of Jim Cramer’s Biggest Cryptocurrency and Blockchain Stock Hits & Misses.

Riot Platforms, Inc. (NASDAQ:RIOT) is an American Bitcoin mining company headquartered in Castle Rock, Colorado. Its shares are up by 79% over the past year and by 10.6% since Cramer discussed the firm in July on Mad Money. On August 1st, the stock closed 17% lower on the day Riot Platforms, Inc. (NASDAQ:RIOT) reported its second quarter earnings. The results saw the firm post $153 million in revenue to miss analyst estimates of $157 million. Year-to-date, the shares are down by 9.6%. However, Riot Platforms, Inc. (NASDAQ:RIOT)’s shares closed 16% higher on January 16th. On that day, the firm announced that it had purchased 200 acres of land in Texas and signed a deal with chip designer AMD for a 10-year lease to provide IT load capacity. On February 18th, Riot Platforms, Inc. (NASDAQ:RIOT)’s shares closed 5.7% higher after activist investor Starboard wrote a letter to the firm and asked it to accelerate its presence in the data center market. Cramer’s comments about the company revolved around his general sentiment for the sector, as he commented that he’d rather own Bitcoin if he wanted exposure to the cryptocurrency:

“You know, I have been a believer. I actually had… a very big debate this weekend about whether you should just own Bitcoin, or you should own Riot Platforms, or own Strategy. And I still come back to say own Bitcoin. I don’t need leverage. I don’t need trickiness. It’s like I prefer gold to the gold miners. It really is the same thing. Own Bitcoin.”

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