RIOT Stock Registers Unprecedented Rally, Riot Blockchain Valuation Soars Above $1B

Updated on Jul 27, 2024 at 5:27 pm UTC by · 3 mins read

Following the Bitcoin all-time high on Sunday, December 27, Riot Blockchain stock registered 20% gains on Monday’s trading session. The stock has already appreciated by 13x this year. Apart from BTC, investors of Bitcoin mining companies are making a bomb in the market.

Bitcoin mining giant Riot Blockchain is making all the news in the market at the moment. On Monday, December 28, Riot Blockchain Inc (NASDAQ: RIOT) stock price surged a massive 20% surging past $15.5 levels. One of the biggest milestones with the Monday rally is that the Riot Blockchain has clocked a $1 billion market cap.

The latest price rally comes as Riot Blockchain hints at going aggressively on its Bitcoin mining business. Last week, the Riot Blockchain added new S19 Pro Antimers to its bitcoin mining arsenal. The company announced the purchase of an additional 15,000 Bitcoin (BTC) mining machines from Bitmain. The recent purchase also pushes Riot’s total fleet to 37,640 Next-Generation Bitmain Antminers.

Riot said that the fresh purchase of Antminers will help the mining company to attain a 65% jump in its mining hash-rate. RIOT stock has registered an unprecedented rally this year in 2020. RIOT stock has multiplied by 13x this year registering a 1200% surge so far.

Riot Blockchain has issued nearly 17 million shares since November 2020 with its total outstanding shares going to 67.5 million. It has been a phenomenal journey for Riot ever since it ventured into the Bitcoin mining business in October 2017. With valuations less than $50 million back then, Riot has grown more than 20x in size as of its latest stock price.

RIOT Stock and Shares of Other Bitcoin Mining Companies Profit from BTC Bull Run

The recent Bitcoin (BTC) price rally during Q4 2020 has also pushed the stocks of Bitcoin mining companies to new highs. Earlier on Sunday, December 28, the BTC price hit its all-time high of $28,000 in a massive bull run followed by huge institutional inflows.

Moreover, along with the BTC price rally, the Bitcoin hash-rate has jumped significantly since November 2020. Over the last two months, the BTC hash-rate has surged nearly 30% and is currently at 132 TH/s. The surge in the hash-rate suggests higher mining activity for Bitcoin.

As a result, Bitcoin mining companies have been making massive purchases of the BTC mining machines. In addition to Riot Blockchain, other giants like the Marathon Patent Group have made aggressive purchases over the last few months. Just like RIOT, the Marathon Patent Group (NASDAQ: MARA) has registered a phenomenal rally of 18% on Monday, December 28. MARA stock has multiplied investors’ wealth by 12x in 2020. It means the MARA stock has also given phenomenal 1100% returns year-to-date.

Share:

Related Articles

Bitcoin ETFs Saw $220M in Inflows Despite BlackRock’s Selloff, Trump’s Tariff War

By April 3rd, 2025

US-based spot Bitcoin exchange-traded funds recorded an impressive surge in inflows while the leading product saw $116 million in outflows amid the United States tariff war.

GameStop’s $1.5B Bet on Bitcoin Pushes GME Stock Price

By April 2nd, 2025

GameStop’s latest fundraising brought its stock to the green zone as the video game retailer wants Bitcoin exposure.

Bitcoin Price Reclaims $84,000, Here Are Key Levels to Watch

By April 1st, 2025

Bitcoin price rebounds above $84K as selling slows. Traders eye $86K resistance and $78K support for the next move.

Exit mobile version