Riot Blockchain: Infrastructure Potential Sparks Analyst Optimism

Shares of Riot Blockchain find themselves at a compelling crossroads, balancing near-term volatility against a backdrop of significant analyst confidence. Recent strong performance in the stock is being met with projections for further substantial upside, driven by factors extending well beyond the company's core Bitcoin operations.

The company's primary mining business continues its operations. In December 2025, Riot produced 460 Bitcoin, marking an 8% increase from the previous month. Notably, the firm's treasury strategy took center stage; it sold 1,818 Bitcoin during the same period, generating proceeds of $161.6 million at an average price of approximately $88,870 per coin.

This aggressive liquidity generation coincides with the company's preparation for its year-end financial report. Market experts are forecasting a fourth-quarter loss, for the period ending in February, of $0.14 per share on revenue of about $165 million. Investors are also anticipating a leadership transition, with Jason Chung scheduled to assume the Chief Financial Officer (CFO) role on March 1, 2026.

The equity recently traded at $17.31, following a slight pullback in Thursday's pre-market session. This price action comes after a remarkable 30-day period where the stock surged more than 50%, significantly outperforming the broader sector.

Should investors sell immediately? Or is it worth buying Riot Blockchain?

The "Sleeping Giant" Thesis: Beyond Bitcoin Mining

The most bullish analyst perspectives, however, are rooted in Riot's physical infrastructure, not its digital asset production. Investment bank Piper Sandler has assigned the stock an "Overweight" rating with a $26 price target. Analyst Patrick Moley has characterized the company as a "sleeping giant," pointing to its substantial power capacity of 1.7 gigawatts across two Texas sites.

Piper Sandler views this infrastructure network as highly attractive for the booming artificial intelligence (AI) and high-performance computing (HPC) markets. The bank anticipates that Riot could announce a major deal in this sector before its next earnings release, an event that could serve as a powerful catalyst for the share price.

This positive outlook is echoed by research firm BTIG. Analyst Gregory Lewis reaffirmed a "Buy" rating and set an even higher price target of $28 per share.

The coming weeks will reveal whether the "sleeping giant" thesis materializes through a confirmed infrastructure partnership or if the stock's performance remains tightly correlated to Bitcoin production metrics. The upcoming quarterly results will provide a critical milestone for investors monitoring this narrative.