CALL INVITE -> RIOT PLATFORMS (RIOT) - NEW BEST IDEA LONG

Benefitting from tailwinds through our forecasted Quad 2's and 3's over the NTM, coupled with the continuing early-stage cycle following the fourth Halving in April, we're looking at a two-pronged bullish setup for Bitcoin. Our view of the mining stocks as levered plays against the underlying presents an opportunity for investors who are unable to own Bitcoin itself and seek a higher-beta play than the ETFs.

Continuing our coverage of the Bitcoin mining industry, RIOT ranks as the second-leading public company in the space. Having the second largest Bitcoin holdings, power capacity, and share of network hash rate, RIOT is the clear runner-up play. The fundamentals are undoubtedly questionable as the company suffers from endless cash burn and excessive dilution, among other problems, but we believe the cyclical nature of this sector will play a more influential role in the trajectory of RIOT's stock price over the intermediate-term. Given its high correlation with Bitcoin and historical outperformance under bullish conditions, we're adding RIOT as a Best Idea Long in the face of Bitcoin's imminent bull cycle.