Bitcoin Miner Riot Blockchain Rebrands

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The bitcoin miner formerly known as Riot Blockchain has rebranded itself as Riot Platforms.

Riot Platforms said in a Tuesday, Jan. 3 press release that the new name reflects the fact that it is diversifying its business while remaining bitcoin-led.

Already active in bitcoin mining and data center hosting, the company continues to expand and diversify its operations and aims to become a leading bitcoin-focused infrastructure platform, according to the statement. Press.

This is an important milestone for Riot and stems from our unique strategic position in the market, Riot CEO Jason Les said in the release, adding that the company recently added to its data center capacity. mining company by acquiring Whinstone US and enhanced its electrical component engineering and supply chain capabilities by buying ESS Metron.

The scope and scale of our business continues to expand, and this rebranding better reflects our position as strategic allocators of capital to further expand the reach of our bitcoin-focused operations, said Les in the press release.

Bloomberg reported on Tuesday that the company had been a maker of diagnostic machines for the biotech industry called Bioptix before changing its name to Riot Blockchain in 2017 and becoming one of the largest bitcoin miners in the United States.

In 2022, as the price of bitcoin plummeted and several companies in the crypto space went bankrupt, Riot Blockchains’ stock value plummeted by 85%, according to the report.

In April, at a time when the companies’ stocks were down 35%, and several other publicly traded companies that focus on the crypto market were also down, The Wall Street Journal (WSJ) reported that the companies serving the market suffered more during the decline than the underlying commodity markets.

Analysts told the WSJ at the time that shares of crypto mining companies were down because they were typically owned by individual investors who typically trade more shares than institutional investors.

Riot said in its Tuesday press release that Riot and Whinstone US will brand together under Riot Platforms, Riot’s power equipment manufacturing business will continue to operate as ESS Metron, and Riot common stock will still be listed. on the Nasdaq Capital Market under the ticker symbol RIOT.

In addition, Riot will continue to seek expansion opportunities in its business areas, according to the statement.

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