Macquarie last night initiated coverage of Riot Platforms with an Outperform rating and $15 price target. Riot continues to “drive massive scale” as a pure-play, vertically integrated bitcoin miner, managing infrastructure, power, computing, and cooling technology. Riot’s sites are some of the most scaled, yielding operational efficiencies once fully built out, while advancing bespoke cooling infrastructure, the analyst tells investors in a research note.