On Tuesday, Cantor Fitzgerald initiated a buy on Riot Blockchain, resulting in a 3% increase in its share price.

Because the firm retains the majority of its Bitcoin on its balance sheet, analyst Mike Colonnese noted that RIOT is one of the greatest methods for investors to obtain exposure to Bitcoin without actually holding the digital commodity.

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"With 350 MW of developed Bitcoin (BTC) mining capacity and a deployed fleet of nearly 30,000 Bitcoin miners producing an aggregate hash rate of 3 exahash per second (EH/s)," Colonnese said, "Riot Blockchain is one of the largest, vertically integrated cryptocurrency mining companies in North America."

"This means that RIOT is currently capable of mining ~16-17 Bitcoin per day, on average, which equates to ~$825,000 in daily Bitcoin mining revenue (assuming BTC price of $50,000)," he continued.

Cantor believes that RIOT is in a unique position to continue to grow its Bitcoin mining business in 2022 and beyond. By the end of the year, the company hopes to have more than doubled its established mining capacity to 750 MW and tripled its total hash rate to 9 EH/s.