Andreas Halvorsen’s Viking Global, just made a bold move into one of crypto’s most volatile corners. In the fourth quarter of 2025, the hedge fund initiated a new $157 million position in Riot Platforms Inc (NASDAQ:RIOT), signaling rising conviction that the crypto bull cycle still has room to run.

Bitcoin (CRYPTO: BTC) miners like Riot are widely viewed as leveraged bets on Bitcoin itself. Their revenues and margins expand rapidly when Bitcoin prices rise, often allowing miner stocks to outperform the underlying asset during bullish phases.

Viking’s decision to build a sizable position suggests the firm sees continued upside in crypto prices and institutional adoption.

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