Riot Blockchain reports record Q2 results
|The bitcoin mining company reported revenue and sales results that beat analyst estimates for the second quarter
Bitcoin mining company Riot Blockchain reported that revenues grew to a record $34.3 million in the second quarter, up from just $1.9 million in the year-ago quarter. Net income came in at 22 cents per share versus a loss of 31 cents a share in the second quarter of 2020.
- Analysts had been expecting revenues of $32.6 million for the quarter and adjusted earnings per share of one cent.
- Riot shares were rising 2.4% to $36.58 in after-hours trading Monday following the release of the results. They rose over 4% during the day as bitcoin (BTC, -1.71%) prices rose above $50,000 earlier in the day for the first time in three months. Shares are up almost 117% year to date.
- Riot closed the acquisition of Whinstone in the quarter, helping create one of the largest hosting and mining companies in North America as measured by developed and future capacity.
- Earlier this month, Riot forecast that its new facility in Texas will lift its total hash rate capacity to 7.7 EH/s by the fourth quarter of 2022.
- Recent SEC filings revealed that asset management giant Black Rock owned a 6.6% stake in Riot, as well as a 6.7% stake in rival miner Marathon Digital, as of the end of the second quarter. Together, Black Rock's stakes in the two companies amounted to almost $400 million.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.