Here's Why Riot Blockchain Stock Was Up 39% in June
Shares of cryptocurrency mining company Riot Blockchain (NASDAQ: RIOT) were up 38.8% in June, according to data provided by S&P Global Market Intelligence. It's important to note that the company mines Bitcoin (CRYPTO: BTC) and the price of Bitcoin was actually down 7% in June. However, the company was able to overcome this headwind with some important updates and by scoring positive comments from Wall Street analysts.
Early in June, Riot Blockchain stock soared on news of its deal with Mogo (NASDAQ: MOGO), a fintech company based in Canada. In short, Riot gave its stake in cryptocurrency exchange Coinsquare to Mogo in exchange for a stake of Mogo. According to terms of the deal, it now has almost 3.2 million shares of Mogo, valued at around $23 million. This stake is less than 5% of its total outstanding shares.
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Source Fool.com
