It’s official: biotech company BiOptix (NASDAQ:BIOP) can be added to the laundry list of companies who are shifting focus to blockchain technology.
On Wednesday (October 4), the company announced that it is changing its name to Riot Blockchain and its ticker symbol to RIOT, pending approval from the NASDAQ. Following that, the newly-named Riot Blockchain will shift its focus from diagnostic machinery in the biotech sector to become a strategic investor and operator in the blockchain sector, with a focus on bitcoin and ethereum.
In the five days leading up to the company’s announcement (September 28 – October 3), shares of BiOptix rose an astounding 89.46 percent. Over a one-day period (October 3-October 4),the company’s rally continued, as the announcement sent its stock price soaring 26.93 percent to close at $8.18 on Wednesday.
“At Riot Blockchain, our team has the insight and network to effectively grow and develop blockchain assets,” Michael Beeghley, CEO of Riot Blockchain said in the release.
As part of the name change and shift in focus, Riot Blockchain also made a strategic investment in Coinsquare, a Canadian exchange for digital currency trading.
Bloomberg reported on Wednesday that Riot Blockchain will pay “a few million dollars” for Coinsquare in exchange for a 12 percent interest with the option to increase that number to 20 percent.
The publication further noted that next on Beeghley’s agenda will be acquiring companies that are focused on bitcoin mining, blockchain and security software.
Indeed, it’s certainly been a banner year of sorts for companies making the switch to blockchain technology. Other recent shifts include: Oracle (NYSE:ORCL) announcing its Oracle Blockchain Cloud Service in October, and Leeta Gold rebranding to HIVE Blockchain Technologies (TSXV:HIVE) in September,
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.