Riot Blockchain Inc. (RIOT) shares surged 6.22% in after-hours on Friday, July 30, 2021, and closed the July trading at $35.00 per share. in the regular trading on Friday, RIOT’s stock gained 3.29%. RIOT shares have risen 1192.16% over the last 12 months, and they have moved up 17.26% in the past week. Over the past three months, the stock has lost 21.23%, while over the past six months, it has declined 60.58%. RIOT has a current market of $2.68 billion and its outstanding shares stood at 83.16 million.

Let’s have a brief discussion about its recent developments.

RIOT June Production and Operations Updates

On July 08, 2021, Riot Blockchain, Inc. announced its June production and operations updates, including its unaudited Bitcoin (BTC) production for June 2021 and its miner deployment status.

• Riot produced 243 BTC in June 2021 which is an increase of approximately 406% over its June 2020 production of 48 BTC.
• The Company produced a total of 1,167 BTC Year to date through June 2021, an increase of approximately 130% over its pre-halving BTC production during the same 2020 period of 508 BTC.
• Riot held approximately 2,243 BTC, as of June 30, 2021, all of which were produced by its mining operations.

RIOT exceptional gains in June 2021

Riot Blockchain surged 38.8% in June despite the Bitcoin price was down 7% in June. However, the company overcame headwinds due to its deal with Mogo, a fintech company based in Canada. In short, Riot gave its stake in cryptocurrency exchange Coin square to Mogo in exchange for a stake of Mogo. According to the 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.

Riot Acquisition of Whinstone US

On May 26, 2021, Riot Blockchain, Inc completed its previously announced acquisition of Whinstone US (Whinstone) from Northern Data. The total consideration paid in the transaction was 11.8 million shares of Riot common stock and $80 million in cash, funded with cash on the balance sheet.

The company plans to immediately commence further development of additional facilities at Whinstone to rapidly bring the property to its current capacity of 750 MW.

Major appointments

On May 24, 2021, Riot Blockchain Inc appointed Benjamin Yi as Executive Chairman, and Lance D’Ambrosio has been appointed to the Company’s Board of Directors, as an independent director.

Additionally, the company appointed two new members to its board of directors, Lance D’Ambrosio as an independent director and Hubert Marleau as a lead independent director.

Conclusion

As of this writing, we have no recent news that could be linked with its gains on Friday. The companies related to Cryptocurrencies performed well recently so it may be the reason behind its surge on Friday. we can expect it to commence the new week by continuing its momentum on Monday.