Citigroup maintains a "Buy" rating on Riot Platforms (RIOT) and has raised the target price to $23, citing the optimistic long-term outlook for digital assets and expected regulatory reforms by 2026. The company's Q3 2025 revenue surged to $180.2 million, more than doubling year-over-year, primarily driven by a $93.3 million increase in Bitcoin mining revenue from mining 1,406 Bitcoins. Although Riot's hash rate deployment grew by only 3%, lagging behind the 8% growth of the global network, its "Power First" strategy saved $23 million through improvements in power credits and engineering efficiency.