Shares of bitcoin (BTC-USD) miner Riot Blockchain (NASDAQ:RIOT) rise by more than 2% in pre-market trading after Cantor Fitzgerald analyst Mike Colonnese initiates the stock with an Overweight rating. RIOT stock gains even as bitcoin (BTC-USD -1.5%) slips. On a Y/Y basis, BTC +45% outpaces RIOT +34%. Even through periods of declining BTC prices, as well as future halving cycles, RIOT will be able to sustain profitability given its scale and relatively low energy costs, Colonnese writes in a note to clients. Additionally, RIOT's Whinstone acquisition gives the company "significant competitive advantage," as it reduces the company's third party hosting providers, allowing it to become more vertically integrated. Overall, RIOT is the "best way for investors to gain exposure to Bitcoin without directly owning the digital asset, as RIOT holds most of the Bitcoin it mines on its balance sheet," the analyst adds. The Overweight rating disagrees with the Bearish Quant Rating, with the poorest
