Why Riot Blockchain, Inc Stock Is Soaring on Monday

Shares of Riot Blockchain (NASDAQ: RIOT) are soaring, rising about 22% as of 12:30 p.m. EST. The company's soaring share price follows the launch of CME's bitcoin futures and a short-lived surge in the price of bitcoin over the weekend that valued the digital currency as high as $20,000.

Riot Blockchain is emblematic of the on-going bubble in all things cryptocurrencies. As recently as October, Riot was a struggling biotech company that had operated under several names (most recently, Bioptix). Its SEC filings reveal a lengthy list of past business failures, departed executives and board members, and multiple auditors.

Having largely failed in the medical business, Bioptix announced in an October 4 press release that it would change its name to Riot Blockchain, becoming a "strategic investor and operator in the blockchain ecosystem with a particular focus on the Bitcoin and Ethereum blockchains," according to its press release.

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Source: Fool.com