Kerrisdale Capital's Sahm Adrangi issued a bearish report on Bitcoin miner Riot Platforms, causing shares to drop.

Kerrisdale Capital's founder and CIO Sahm Adrangi issued a report expressing a bearish view on Riot Platforms, a $3 billion Bitcoin miner. Adrangi stated that Bitcoin mining is a problematic business model due to unpredictable revenue, high capital requirements, intense competition, and increasing regulatory scrutiny. Riot Platforms shares dropped as a result.