H.C. Wainwright analyst Kevin Dede initiated coverage of Riot Blockchain with a Buy rating and $9 price target. The shares closed yesterday down 21c to $7.23. The analyst, who calls his price target “conservative,” see an attractiveness in a “nationally available, easy-to-use digital currency platform that settles trades almost immediately bolstered by an in-house digital currency mining operation.” Riot now operates an industrial-class bitcoin mining operation in Oklahoma City running more than 4,000 mining machines and is expected to have 8,000 working by the end of May, Dede tells investors in a research note. He believes the “beauty” in Riot Blockchain’s mining operation is that it creates a digital currency inventory, providing liquidity for trading, as well as capital on the order of $40,000-$50,000 gross per day at high margin levels. Dede thinks Riot’s advantages in developing a user-friendly digital currency exchange are underappreciated by the investment community.