Riot Blockchain Market Cap Surpasses $1bn

Riot

Riot Blockchain, a Nasdaq-listed bitcoin mining company hits over a $1billion market capitalization after its 13% surge in early trading hours on Monday.

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%.

The Nasdaq listed company 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’s shares opened Monday nearly 18% higher than their Thursday close on Christmas Eve.

Riot pivoted its business model from biotech to bitcoin mining in October 2017 when its value was less than $50 million.

Weekly price action for shares of Riot Blockchain

This article is sourced from:https://www.coindesk.com