Riot Blockchain Inc (NASDAQ: RIOT) is having an overwhelmingly strong start to the trading session this morning, and for good reason. The company announced that it is working to participate in the U.S. Marshals Service sealed bid auction of bitcoin. Today, we’ll talk about the news, what we’re seeing from the stock, and what we’ll be watching for with regard to RIOT ahead.
RIOT Gains On Registration To U.S. Marshals Service Auction
As mentioned above, Riot Blockchain is having an incredibly strong start to the trading session this morning after announcing that it has submitted the required registration with regard to a key auction. In the press release issued early this morning, RIOT said that it had submitted the registration items in an attempt to participate in the U.S. Marshals Service sealed bid auction of bitcoins.
In the release, RIOT said that registration items included a bidder registration form as well as a deposit in the amount of $200,000. It is expected that the company will be notified about its eligibility to participate in the auction by email no later than January 19, 2018 at 5:00 PM EST.
What We’re Seeing From The Stock
As investors, one of the first things that we learn is that the news moves the market. In this particular case, the news was overwhelmingly positive. After all, if Riot Blockchain is allowed to participate in this auction, it will likely purchase a massive amount of bitcoin at a discounted rate. So, it’s no surprise that we’re seeing strong gains in the value of the stock today. Currently (11:11), RIOT is trading at $20.41 per share after a gain of $2.65 per share (14.92%) thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on RIOT. In particular, we’re interested in following the story surrounding the company’s potential involvement in the U.S. Marshals Service sealed bid auction of bitcoins. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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