MOGO - Why Riot Blockchain Stock Soared Today
Shares of Riot Blockchain (NASDAQ: RIOT) , a company that mines popular cryptocurrency Bitcoin , soared on Wednesday. This is partly due to Bitcoin itself being up. As of 3:45 p.m. EDT, the price of Bitcoin had increased 10% over the previous 24 hours, according to CoinDesk. But Riot Blockchain did have news of its own to report, which may play a roll in explaining why the stock was up about 12%.
According to yesterday's filing with the Securities and Exchange Commission (SEC), Riot Blockchain is selling 2.2 million shares of Coinsquare to Mogo (NASDAQ: MOGO) in exchange for 2.3 million shares of Mogo. Coinsquare is a cryptocurrency exchange based in Canada, whereas Mogo is a fintech company . The deal was previously announced. But the latest SEC filing disclosed that the first payment of Mogo stock went through on June 4.
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Why Riot Blockchain Stock Soared Today