Riot Platforms Drops 7.6% After Analyst Target Cuts Hit AI-Hosting Miners

Riot Platforms fell about 7.6% on Monday after Keefe, Bruyette & Woods cut price targets across bitcoin miners that are pivoting to AI hosting. Coinbase also slid about 4% following a Morgan Stanley downgrade.

Bitcoin traded near $76,800 and ether near $2,249. U.S. spot bitcoin ETFs saw roughly $399 million of outflows, almost all from BlackRock's IBIT, while ether funds lost about $140 million for a sixth straight day of outflows.

The moves extend a weak stretch for crypto-linked stocks that began with last week's exchange hack and a broader risk-off tone in technology shares.