Riot Blockchain is Cantor's top crypto pick for 2023 due to mining prowess

Cantor Fitzgerald selected Riot Blockchain ( NASDAQ: RIOT ) as its top pick in the cryptocurrency space in 2023, signaling confidence in its ability to mine more bitcoin than peers and reinvest the proceeds to increase scale. "With a best-in-class balance sheet ($255M in cash and no debt), RIOT has, in our view, enough flexibility to navigate a 'crypto-winter', making shares attractive at current levels," said the research firm. Cantor noted that Riot's ( RIOT ) gross margin remains "best-in-class" at ~65% despite bitcoin being down ~65%, thanks to its "unique" energy agreements. The broker's bullish stance is in line with Wall Street analysts' ratings on Riot ( RIOT ). However, it contrasts sharply with SA Quant's Strong Sell rating on the stock, owing to its inferior profitability and decelerating momentum . SA contributor Leo Imasuen rates Riot ( RIOT ) Sell as it will likely remain structurally unprofitable for much of 2023 .