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Republic Research / ARTICLE

If you're staring at the Riot (RIOT) move this week and wondering whether you can still get in on it, let me present an alternative to chasing it at these levels. The stock just hit a 52-week high above $24. It's up nearly 30% over the last five days. I get the temptation. But instead of buying shares up here, you can sell a credit put spread and let the trade come to you. June 18 expiration. Sell the $18 put for about $0.52, buy the $17 put for $0.37. You collect $0.15 in credit on $0.85 of risk. Your breakeven is down around $17.85, which is roughly 26% below where the stock is sitting right now. That gives you about an 80% probability of keeping that premium at expiration for a 17.6% return on the margin you lock up. If it stays above $18, you keep the $15 on every $85 in margin. If it pulls back to $18, you take ownership of the shares at a price you chose in advance while everyone else is panicking about the drop from $24. Then you can start selling calls against it or just hold a name you like at a level you're comfortable with. Either way you win. The thesis on this one hasn't changed, it's just gotten louder. This is a company that controls over 1,100 acres of land in Texas, has 1.7 gigawatts of energized utility power, and owns its own switchgear and transformer manufacturer with a $193 million engineering backlog. AMD is locked in for 50 megawatts with options to take that to 200. The Corsicana campus is being discussed as a single-tenant gigawatt site. And this week, they announced a collaboration with Terrestrial Energy to develop nuclear-powered data centers using molten-salt reactors... with up to 4 gigawatts of capacity across Texas and Kentucky. Anyone who is still calling this a Bitcoin miner hasn't been paying attention. They mine BTC at around $44,000 per coin while it trades near $80,000. That spread funds all of the development without diluting shareholders. The mining operation is a cash engine that's funding a permanent infrastructure business. And because they own the land, the power, and the equipment supply chain, they get to skip the line that every other data center developer is stuck in waiting 3 to 4 years for transformers and grid hookups. The move this week priced in some of that. Not all of it.

Published May 08, 2026Updated May 08, 20266 min read
If you're staring at the Riot (RIOT) move this week and wondering whether you can still get in on it, let me present an alternative to chasing it at these levels. The stock just hit a 52-week high above $24. It's up nearly 30% over the last five days. I get the temptation. But instead of buying shares up here, you can sell a credit put spread and let the trade come to you. June 18 expiration. Sell the $18 put for about $0.52, buy the $17 put for $0.37. You collect $0.15 in credit on $0.85 of risk. Your breakeven is down around $17.85, which is roughly 26% below where the stock is sitting right now. That gives you about an 80% probability of keeping that premium at expiration for a 17.6% return on the margin you lock up. If it stays above $18, you keep the $15 on every $85 in margin. If it pulls back to $18, you take ownership of the shares at a price you chose in advance while everyone else is panicking about the drop from $24. Then you can start selling calls against it or just hold a name you like at a level you're comfortable with. Either way you win. The thesis on this one hasn't changed, it's just gotten louder. This is a company that controls over 1,100 acres of land in Texas, has 1.7 gigawatts of energized utility power, and owns its own switchgear and transformer manufacturer with a $193 million engineering backlog. AMD is locked in for 50 megawatts with options to take that to 200. The Corsicana campus is being discussed as a single-tenant gigawatt site. And this week, they announced a collaboration with Terrestrial Energy to develop nuclear-powered data centers using molten-salt reactors... with up to 4 gigawatts of capacity across Texas and Kentucky. Anyone who is still calling this a Bitcoin miner hasn't been paying attention. They mine BTC at around $44,000 per coin while it trades near $80,000. That spread funds all of the development without diluting shareholders. The mining operation is a cash engine that's funding a permanent infrastructure business. And because they own the land, the power, and the equipment supply chain, they get to skip the line that every other data center developer is stuck in waiting 3 to 4 years for transformers and grid hookups. The move this week priced in some of that. Not all of it.