Is Riot Blockchain Stock a Buy Now?

Leo Sun, The Motley Fool

June 30, 2022 at 9:17 a.m.·5 min read

Two years ago, a failed medical device maker called Bioptix abandoned its original business, ordered thousands of Bitcoin (CRYPTO: BTC) mining rigs, and rebranded itself as Riot Blockchain (NASDAQ: RIOT). At the time, it seemed like Riot was just another company trying to jump on the crowded Bitcoin and blockchain bandwagon to attract new investors. At that peak, Riot was valued at $6.1 billion -- or 29 times the $213 million in revenue it would go on to generate in 2021.

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