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

Dec 28, 2020 at 4:30 p.m. UTC

Updated Mar 6, 2023 at 3:01 p.m. UTC

riot-price — Weekly price action for shares of Riot Blockchain

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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.

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