RIOT Stock Price Increases Over 5% Pre-Market: Why It Happened

By Amit Chowdhry ● Aug 9, 2021
  • The stock price of Riot Blockchain Inc (NASDAQ: RIOT) increased by over 5% pre-market. This is why it happened.

The stock price of Riot Blockchain Inc (NASDAQ: RIOT) increased by over 5% pre-market. There are not any company-specific reports driving the stock price up today so it appears there are external factors at play.

Investors in stock trading platforms are citing the momentum in cryptocurrencies as being the driving force for the stock price increase. The price of the Bitcoin cryptocurrency is up more than 9% over the past week. And Ethereum is up more than 12% over the past week. 

Last month, Riot Blockchain announced its June production and operations updates, including its unaudited Bitcoin (BTC) production for June 2021 and its miner deployment status. In June 2021, Riot produced 243 BTC, an increase of approximately 406% over its June 2020 production of 48 BTC. And year to date through June 2021, the company produced a total of 1,167 BTC, an increase of approximately 130% over its pre-halving BTC production during the same 2020 period of 508 BTC. As of June 30, 2021, Riot held approximately 2,243 BTC — all of which were produced by its mining operations.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.