Seeking Alpha
2021-10-11 19:33:41

Why did Riot Blockchain stock go up today?

Shares of cryptocurrency miner Riot Blockchain  surge by as much as 12.5% before pulling back somewhat intra-day as bitcoin marches towards $60K with a big early Q4 move. In the past year, RIOT has outpaced the total return performance of bitcoin (BTC-USD) by more than 380 percentage points, according to the chart below. Still, RIOT is about 65% off its February peak of $79.50 per share. For the month of September, Riot has produced 406 bitcoins in September, a four-fold increase on a Y/Y basis; it holds ~3,534 BTC as of Sept. 30. Some other crypto-related stocks that are trading heavily in the green as digital currencies rise include: Marathon Digital , Bit Digital , Canaan , The9 Limited , Sphere 3D and Digihost Technology . Previously, (Aug. 10) Riot Blockchain July production surges 771% Y/Y.

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