Kerrisdale Capital's short position in Riot Platforms (RIOT) led to an over 8% drop in the Bitcoin miner's stock on Wednesday.

Kerrisdale criticized Riot's business model as a 'wheel of cash burn.'

Despite the criticism, Kerrisdale expressed bullishness on Bitcoin, which has seen significant price gains recently.

RIOT hit a 30-day low of $8.81, with Kerrisdale's report contributing to the decline.

Other crypto stocks like Marathon Digital Holdings and Cleanspark also faced market challenges.

Overall sentiment towards RIOT remains negative, with the stock down 17% in the past month and 42% year-to-date.

Investors are advised to consider alternative options like Bitcoin ETFs or BTC itself for exposure to the cryptocurrency market.