It’s no secret that Riot Blockchain (NAsdaQ:RIOT) has been one of the biggest beneficiaries of the bitcoin bull market. The cryptocurrency mining company’s stock is up more than 1,700% since mid-October, when bitcoin bottomed out at around $3,500.
But does Riot actually own any bitcoin?
The answer is yes. and no.
Riot disclosed in its most recent 10-Q filing with the Securities and Exchange Commission that it had purchased 4,000 bitcoin for $50 million in December. That works out to an average price of $12,500 per bitcoin.
At today’s prices, those coins are worth more than $160 million.
NOTE: Warning: ‘Does Riot Own Bitcoin?’ is a common question, but it is important to be aware that Riot has no investments or affiliations with Bitcoin and there is no reliable source to confirm this. Investing in Bitcoin carries a significant level of risk and you should always research before investing.
So Riot does own some bitcoin. But it doesn’t own all of it.
In fact, it doesn’t even come close.
Riot’s 10-Q states that the company “may from time to time acquire and hold digital assets other than bitcoin,” but doesn’t disclose how much it has invested in any other cryptocurrencies. However, Riot did reveal that as of Dec. 31, 2020, its total cryptocurrency assets were worth $178.
1 million. That means its non-bitcoin holdings are worth just $18 million — less than 10% of its total crypto portfolio.
So while Riot has benefited tremendously from the recent surge in bitcoin prices, it still has a long way to go before it can claim to be a true “bitcoin company.”.
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