The Bitcoin mining giant appoints a new director with a stellar institutional background as stock prices surge.
Last week, as share prices ripped upwards of 50% to levels not seen since the 2018 cryptocurrency bullrun, Riot Blockchain (NASDAQ: RIOT) appointed former director of the listing committee for the Toronto Stock Exchange Hubert Marleau to the Riot board of directors.
The Colorado-based firm was in the market for a new director after the departure of former Canadian Cabinet member Remo Mancini. Marleau brings a wide range of regulatory and governing experience to Riot, having also served as governor of the Montreal and Vancouver stock exchanges. Marleau also boasts a strong academic background, and he currently serves as a chair for a lecture series in his name at the University of Ottawa.
Marleau’s appointment comes amid an unusually strong week for RIOT share price. RIOT closed at $6 even after opening the week at $4.10, easily outpacing Bitcoin's nearly 20% rise. On the year, RIOT is up nearly 500% from $1.22.
Appointing a new director is not the only move that the mining giant has made in recent weeks. Riot agreed to a massive 8,000-unit, $17.7 million-dollar purchase of new Antminer S19 Pro Bitcoin mining rigs to expand operations in August.
The purchase may be an effort to stave off rival mining firm Marathon Patent Group’s efforts to swipe the “Top Miner in North America” crown. As Cointelegraph previously reported, Marathon themselves purchased 10,000 S19 Pro units in late October.
Like Riot, Marathon Patent Group’s MARA ticker is trading much higher on the week, closing at $3.39 price after a $2.38 Monday open.