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Zhitong Finance APP learned that Stifel analyst Bill Papanastasiou began covering Riot Platforms (RIOT.US) on Thursday and gave it a "speculative buy" rating. He believes that the market has failed to fully recognize its obvious trajectory to become the most important leader in the Bitcoin mining field.

In addition to its relatively large mining capacity, the analyst also pointed out that Riot has one of the lowest marginal mining costs among public companies.

“(1) low-cost electricity, (2) scale, and (3) leading mining efficiency are the key drivers of unit economics,” he said.

Papanastasiou added that Riot has about $1.2 billion in net cash, "which provides flexibility for strategic growth opportunities."

Overall, Wall Street analysts give Riot a "strong buy" rating, with an average price target of $17.50, which is 63% above current levels.

Riot was down 5.21% at $10.73 by Thursday’s close as a broader stock market rout eroded investor sentiment toward risk assets, including cryptocurrencies.