Riot Blockchain

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Riot Blockchain
Riot block logo.png
Founded 2017
Headquarters Castle Rock, Colorado
Key People Jeffrey G. McGonegal, CEO; Rob Chang, CFO;
Products Bitcoin mining and investing
Twitter @RiotBlockchain
LinkedIn Profile
Facebook RiotBlockchain
Website Homepage

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.[1] Bioptix initially went public in October 2003.[2]

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.[3]

In March 2018, Riot Blockchain revealed in documents filed with the SEC that it had purchased 92.5% of Logical Brokerage Corp, a registered futures commission broker. At the time the company said that it was investigating launching a cryptocurrency exchange as well a crypto futures brokerage business.[4]

In a March 2019 filing of a Form S-3 to the SEC, the company described its Oklahoma City, Oklahoma, mining operation as well as its plans for a cryptocurrency exchange that was to include banking services, a trading engine, and digital wallet services, which were to be provided by third parties. The S-3 filing related to the resale of previously issued securities by Riot Blockchain. Statements in the filing indicate that the company plans to launch RiotX, the exchange, in 2019.[5]

Riot Blockchain's first quarter financial report filed with the SEC showed that the company continued to lose money but at a lower rate than in the year-ago period. In operations that roughly broke even, Riot Blockchain mined 329 bitcoins, 356 Bitcoin Cash (BCH) and 1,422 Litecoins in the quarter. The company claims to be one of the largest publicly held (and therefore publicly reporting) cryptocurrency miners.[6]