Riot Blockchain Inc (NASDAQ: RIOT) is making a run for the top in the market today. However, if you’re looking for press releases or SEC filings, you’re not going to find any. Nonetheless, the reason for the run is clear. The stock is following Bitcoin up. Today, we’ll talk about:
- Why RIOT stock and Bitcoin are making a run for the top;
- what we’re seeing from the stock; and
- what we’ll be watching for ahead.
RIOT Stock Follows Bitcoin To The Top
As mentioned above, Riot Blockchain is having a great day in the market today, but with no press releases or SEC filings, many are scratching their heads, wondering why. The reason for the gains is simple.
Ultimately, RIOT stands to gain quite a bit when cryptocurrencies find their way upward. At the moment, Bitcoin is on a tear for the top. However, expalaining the Bitcoin run is a bit more difficult.
The truth of the matter is that the gains in the cryptocurrency are a mystery. In fact, I’ve only been able to find one theory that seems to hold any validity, and that theor is a joke. No, really, it’s a joke.
Yesterday, Finance Magnates published an April Fools’ Day story on its website. In the story, the website said that the United States SEC was approving a bitcoin ETF after an “emergency meeting.” Here’s a key snippet from the post:
The United States Securities and Exchange Commission has made the decision to approve not one, but two applications for Bitcoin-based exchange traded funds (ETFs).
Early next month, Bitcoin ETFs will be launched by Bitwise Asset Management and investment management firm VanEck.
While the gag is an interesting one, it was published yesterday. So, it is unclear how much that has to do with the run that we’re seeing in both Bitcoin and RIOT stock today.
What We’re Seeing From The Stock
While Riot Blockchain hasn’t released any news of its own, news surrounding the mysterious rise in Bitcoin is exciting investors. So, it’s not surprising to see that the stock is running for the top.
As is just about always the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (10:15), RIOT is trading at $4.28 per share after a gain of $0.74 per share or 20.92% 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 continued run and what happens in Bitcoin that will likely lead the charge. Nonetheless, w’ell keep an eye on the story and bring the news to you as it breaks!
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