Riot Blockchain Announces Corporate Rebranding to Riot Platforms, RIOT Shares Up 1.78%
Rebranding from Riot Blockchain to Riot Platforms is intended to accommodate recent acquisitions including Whinstone US and ESS Metron.
Formerly known as Riot Blockchain Inc (NASDAQ: RIOT), one of the largest Bitcoin mining and listed companies, has announced the rebranding of its corporate name to Riot Platforms Inc. According to the announcement, the rebranding is in line with the company’s mission to become the world’s leading Bitcoin powered infrastructure platform. The company has changed to accommodate recent company acquisitions.
Despite the name change, the company has announced that its common stock will continue to trade on the NASDAQ Capital Market under the same ticker symbol RIOT. After the announcement, RIOT shares increased approx. 1.78 percent to switch to approx. $3.43 during Tuesday’s after-hours trading.
Riot CEO Jason Les said:
“Our successful acquisitions of Whinstone US, which developed and operates North America’s largest dedicated Bitcoin mining data center facility, and ESS Metron, which enhanced our electrical component engineering and supply chain capabilities, have formed the foundation upon which our teams have built and will continue to develop business platforms for further growth.”
Riot (Blockchain) Platforms Market Outlook
Bitcoin miners have struggled with liquidity over the past twelve months due to the ongoing bear market. Furthermore, the RIOT shares have fallen by approx. 85 percent and 53 percent in the last year and three months. However, with a market cap of around $567 million and operating mining rigs, Riot Platforms is well positioned to thrive in the coming quarters.
According to a survey conducted by MarketWatch, 10 analysts’ ratings gave RIOT Market an average price target of $10.15 and an average recommendation of BUY. Some of the notable research firms that issued Riot Platforms ratings include Compass Point, Wells Fargo, B.Riley Securities and HC Wainwright & Co.
The company has expanded its total cryptocurrency mining capacity through increased power supply. For example, the company is developing an initial capacity of 400 megawatts on a 265-acre site in Navarro, Texas in an effort to expand capacity to 1.7 GW.
As a result, Riot Platforms will establish itself among the largest Bitcoin mining operations globally. In particular, the first phase of the Navarro, Texas project will cost about $333 million, which is scheduled to be invested gradually until the first quarter of 2024.
As for Bitcoin mining rigs, the company has announced that it has purchased contracts for additional S19 miners scheduled for delivery and deployment by Q1 2023. Accordingly, Riot Platform’s Bitcoin hash rate is expected to increase to 12.6 EH/s. Special. The current hash rate for Riot is approximately 6.9 EH/s with 65,516 Bitcoin miners already deployed. Worth noting, the company hosts approximately 200 MW of institutional Bitcoin mining customers.
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