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Bitcoin Mining Company Riot Blockchain Passes $1B in Market Cap
Riot's value was less than $50 million when it started mining bitcoin three years ago.
Nasdaq-listed bitcoin mining company Riot Blockchain (RIOT)https://hashrateindex.com/stocks/riot reached a $1.08 billion market capitalization Monday after surging nearly 13% in early trading hours.
- Shares of the Castle Rock, Colo.-based firm have gained over 1,250% in 2020, currently trading hands above $16.
- Over the same period, bitcoin gained nearly 280%.
- Riot has issued nearly 17 million shares since November, with a total of 67.5 million shares outstanding, according to data collected by ycharts.com.
- Riot has aggressively expanded the size and sophistication of its mining operations in 2020, including a planned pilot project in Texas to test water immersion cooling technology in addition to purchasing over 31,000 new ASIC mining machines this year, per CoinDesk's prior reporting.
- Riot shares opened Monday nearly 18% higher than the Thursday close on Christmas Eve.
- Riot pivoted its business model from biotech to bitcoin mining in October 2017 when the company's value was less than $50 million.
- Riot did not immediately respond to a comment request from CoinDesk.
Zack Voell
Zack Voell is a financial writer with extensive experience in cryptocurrency research and technical writing. He has previously worked with leading cryptocurrency data and technology firms, including Messari and Blockstream. His work (and tweets) has appeared in The New York Times, Financial Times, The Independent and more. He owns bitcoin.
