The Bitcoin miner appoints a new board and drives strong stock gains.
After the company’s own share price rose 50% higher last week than during the crypto hype of late 2017 / early 2018, Riot Blockchain (NASDAQ: RIOT) Hubert Marleau, a former head of the Toronto Stock Exchange, brought to the company’s board of directors. Riot Blockchain is a Bitcoin mining company.
Marleau’s appointment comes in an exceptional week for the company’s share price. RIOT was able to close at 6 US dollars, although at the beginning of the week there were 4.10 US dollars on the table. With this, the stock was even able to outperform Crypto Investor weekly growth, which has been just under 20% in the past 7 days. Over the year, RIOT was able to increase its own value by a total of 500%, because at the beginning of the year it was still 1.22 US dollars.
The Colorado-based company was looking for a new board member after former Canadian government member Remo Mancini left Riot. Marleau has extensive regulatory and corporate governance experience having previously held senior positions on the Montreal and Vancouver stock exchanges.
He is also an academic and a lecturer at the University of Ottawa.
However, appointing a new board member isn’t the only big step the mining company has taken in the past few weeks. Riot bought 8,000 new Antminer S19 Pro mining devices for a whopping US $ 17.7 million in order to be able to expand in August.
With this purchase, Riot probably wants to prevent the big competitor Marathon Patent Group from being able to secure the crown as „the largest miner in North America“ without further ado. As Cointelegraph reported, Marathon had already ordered 10,000 units of the S19 Pro at the end of October.
Similar to Riot, the share of the Marathon Patent Group (MARA) is currently very popular, at the beginning of the week it was still at US $ 2.38 and was able to increase to US $ 3.39.