Bitcoin
$42,225.99+2.42%
Ethereum
$2,227.63+0.71%
Binance Coin
$230.87+1.78%
XRP
$0.61397500-0.32%
Solana
$60.73+0.48%
Cardano
$0.40276836+1.27%
Dogecoin
$0.08961044+0.52%
Tron
$0.10316469+0.05%
Chainlink
$15.51+0.29%
Avalanche
$22.26+4.65%
Toncoin
$2.28+1.33%
Polygon
$0.79659823+0.66%
PlayIconNav
Crypto Prices CoinDesk Market Index CoinDesk Market Index
Markets

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.

By Zack Voell
AccessTimeIconDec 28, 2020 at 4:30 p.m. UTC
Updated Mar 6, 2023 at 3:01 p.m. UTC
Weekly price action for shares of Riot Blockchain

Weekly price action for shares of Riot Blockchain

10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.