Market Globalist

Why shares of Riot Blockchain Inc. (RIOT) surged in after-market trading?

Riot Blockchain Inc. (RIOT) shares price gained 1.3% to $28.0 in after-market trading on Wednesday. RIOT’s stock surged 9.94% to $27.64 in the normal trading session on Wednesday. The stock volume recorded 28.09 million shares.

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Recent news and developments about Riot Blockchain Inc.


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New appointments

On May 24, 2021, Riot Blockchain, Inc appointed Benjamin Yi as Executive Chairman, and Lance D’Ambrosio has been appointed to the Company’s Board of Directors, as an independent director.

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Financial results announcement

On May 17, 2021, Riot Blockchain announced its financial results for the three months ended March 31, 2021.

Q1 2021 financial highlights

Riot Blockchain reported a record $7.5 million net income or $0.09 per share for the three months ended March 31, 2021, compared to a $4.3 million net loss of $0.15 per share for the same three-month period in 2020.

It spent %5.5 million in selling, general, and administrative expenses in Q1 2021 compared to $3.7 million in Q1 2020.

The company reported $275.6 million in cash and Bitcoin as of March 31, 2021, compared to $235.0 million on December 31, 2020.

Production and Operations Updates of April 2021

On May 10, 2021, Riot Blockchain, Inc released its April production and operational updates, including its unaudited Bitcoin production for April 2021 and its latest miner delivery status.

Production and Operations Updates of March 2021

New Antminers purchasing

On April 7, 2021, Riot purchased42,000 S19j Antminers for $138.5 million from Bitmain Technologies Limited to increase its Bitcoin mining hash rate, which is now estimated to reach approximately 5 exahash per second (EH/s) by the end of 2021, and 7.7 EH/s once fully deployed by the end of 2022.

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Conclusion

The cryptocurrency and related businesses are very volatile at the moment. The stock price of crypto-related businesses is facing massive fluctuation for the last week. That’s why RIOT stock is going up one day and the next day it is down. It is impossible to predict how RIOT will perform in the coming days due to high volatility.

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