Why a Fund Ditched a $5.1 Million Riot Platforms Stake Amid a Strong Run

On November 14, New York City-based 13D Management reported in its quarterly filing that it fully exited its position in Riot Platforms, Inc, reducing exposure by $5.12 million. What Happened According to a recent SEC filing dated November 14, 2025, 13D Management LLC liquidated its entire holding in Riot Platforms ( RIOT 3.45%). The fund sold all 453,272 shares, removing a position valued at approximately $5.12 million based on quarterly average pricing. The previous quarter, the stake represented 4.7% of the fund’s 13F reportable assets. What Else to Know Top holdings after the filing: NASDAQ:MRCY: $10.60 million (10.2% of AUM) NASDAQ:QRVO: $8.08 million (7.7% of AUM) NASDAQ:VSAT: $7.82 million (7.5% of AUM) NYSE:ALV: $6.90 million (6.6% of AUM) NYSE:PSO: $6.49 million (6.2% of AUM) As of Friday, shares of Riot Platforms were priced at $13.44, up 16% over the past year -- on par with the S&P 500's roughly 15% gain in the same period. Company Overview Metric Value Price (as of Friday) $13.44 Market capitalization $5 billion Revenue (TTM) $637.16 million Net income (TTM) $164.00 million Company Snapshot Riot Platforms, Inc. operates large-scale Bitcoin mining facilities and provides engineering services, including power distribution equipment and custom electrical products. The company generates revenue primarily from Bitcoin mining operations and from designing, manufacturing, and installing electrical infrastructure for commercial and governmental clients. Its main customers include institutional-scale Bitcoin miners, data centers, utilities, and large industrial or governmental organizations requiring advanced electrical systems. Riot Platforms, Inc. is a leading U.S.-based Bitcoin mining company with a diversified business model that includes both cryptocurrency mining and specialized engineering services. The company leverages its scale and technical expertise to deliver critical infrastructure solutions for institutional clients. Foolish Take Riot Platforms is no longer a pure beta trade on bitcoin prices. The company just delivered a blowout quarter, posting $180.2 million in revenue, $104.5 million in net income, and nearly $200 million in adjusted EBITDA, helped by higher bitcoin prices and expanding infrastructure operations. On paper, this looks like the kind of operating leverage long-term investors wait years to see. But portfolio construction matters. For 13D Management, Riot had grown into a mid-single-digit position at a moment when the stock’s risk profile was quietly changing. Mining economics are tightening, hash rate competition is rising, and Riot’s strategy is increasingly tied to capital-intensive data center development rather than pure mining upside. That shift may ultimately create more durable value, but it also introduces longer timelines and execution risk. Plus, shares were up as much as nearly 90% year to date through last quarter, so the sizable run might've given some reason to lock in gains. Ultimately, selling after a solid year suggests discipline, not panic. Riot’s shares are now up roughly in line with the market, not screaming cheap nor obviously stretched. Glossary 13F reportable assets: Assets that institutional investment managers must disclose quarterly to the SEC, showing holdings in U.S. publicly traded securities. Assets under management (AUM): The total market value of investments managed on behalf...

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