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A Biotech Company Changed Its Name to ‘Riot Blockchain’ and Its Stock Is Surging
- Diagnostic equipment maker changes name to Riot Blockchain
- Shares had jumped more than 50% in the days ahead of change
Five Reasons 'Bitcoin Jesus' Loves the Digital Currency
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Usually when a company rebrands itself by diving into the digital currency space, the stock waits until after the announcement to take off. In the case of Bioptix Inc., a maker of diagnostic machinery for the biotech industry, it didn’t bother waiting.
The penny stock nearly doubled in value in the days leading up to the company’s announcement Wednesday that it’s renaming itself Riot Blockchain Inc. to reflect a new focus on buying cryptocurrency and blockchain businesses. After the Castle Rock, Colorado-based firm formally unveiled the change in direction, the shares extended their rally, gaining as much as 17 percent to $9.50, the highest intraday level since January 2015.