Boldly bottoming out is a great opportunity.

$Riot Platforms (RIOT.US)$ Stifel analyst Bill Papanastasiou initiated coverage of Riot Platforms on Thursday with a 'speculative buy' rating, believing that the market has not fully appreciated its clear trajectory to becoming a leading player in the bitcoin mining space.

In addition to its relatively large mining capacity, the analyst also pointed out that Riot is one of the public companies with one of the lowest marginal mining costs.

He stated: "(1) Low-cost electrical utilities, (2) scale, and (3) leading mining efficiency are the key drivers of unit economics."