Why Riot Blockchain Stock Soared Today

Shares of Riot Blockchain (NASDAQ: RIOT), a company that mines popular cryptocurrency Bitcoin, soared on Wednesday. This is partly due to Bitcoin itself being up. As of 3:45 p.m. EDT, the price of Bitcoin had increased 10% over the previous 24 hours, according to CoinDesk. But Riot Blockchain did have news of its own to report, which may play a roll in explaining why the stock was up about 12%.

According to yesterday's filing with the Securities and Exchange Commission (SEC), Riot Blockchain is selling 2.2 million shares of Coinsquare to Mogo (NASDAQ: MOGO) in exchange for 2.3 million shares of Mogo. Coinsquare is a cryptocurrency exchange based in Canada, whereas Mogo is a fintech company. The deal was previously announced. But the latest SEC filing disclosed that the first payment of Mogo stock went through on June 4.

Image source: Getty Images.

Continue reading

Source Fool.com