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Riot Blockchain Ends Week Up 29%, Hits 2020 High Ahead of Q2 Earnings Report

Riot Blockchain, one of the few publicly traded bitcoin mining companies in the U.S., closed trading Friday with its second largest weekly gain since April 2019 ahead of the firm’s Q2 earnings release next week. The gain marks a continuation of the stock’s rally that started mid March after the market’s crash.

  • Riot Blockchain gained 29% closing since Monday, closing the week at $3.75.
  • The company set a 2020 high of $4.58 Thursday afternoon.
  • Q2 earnings are scheduled to be released early next week, the company told CoinDesk.
  • "We're strong believers in the macroeconomic fundamentals underlying bitcoin," said Jeff McGonegal, CEO of Riot Blockchain. Riot’s rally is connected to the increasing investor attention paid to bitcoin (BTC) and cryptocurrencies generally, he added.
  • Riot has gained 70% this quarter following BTC, which has rallied 24% over the same period, according to Messari, trading near $11,500 at last check.
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Riot Blockchain daily closing price since January 2019Source: Yahoo Finance
  • The company pivoted from biotechnology to blockchain technology in October 2017, and focused exclusively on

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