Description
Riot Blockchain is a bitcoin mining, cryptocurrency investment and technology development firm based in Castle Rock, Colorado, whose stock price appreciated sharply in 2017 after announcing a pivot from veterinary drugs and medical technology to blockchain. Its shares are listed on Nasdaq.
History
Riot Blockchain was formed in October 2017 when Bioptix, a biological sciences technology firm with one registered veterinary patent, changed its name to Riot Blockchain. Bioptix went public in January 2003.
The publicly traded company's stock price increased from $8 per share to $40 per share within months of the name change. Riot Blockchain was one of several companies subpoenaed by the U.S. Securities and Exchange Commission (SEC) for, among other things, including the term "blockchain" in its name absent a clear connection to the industry. In this case, the company was indeed changing focus but remained under SEC investigation for other issues. The company experienced considerable turmoil in its boardroom and among long term investors.
On January 30, 2020 the company reported that the SEC's Division of Enforcement, having finished its investigation of Riot Blockchain, was not recommending any enforcement action against it.
