I look at stock of Riot Blockchain (symbol: RIOT) everyday since it somehow sorted itself into the number-one spot on my nifty-50 stock list. In the entry from December below I was mystified:
This is the company that was in veterinary products until it changed its name from Bioptix to Riot Blockchain, not only to accidentally vault to number one on my list but also to grab onto the latest cryptocurrency/blockchain craze for itself. On the name change alone it went from from $4 to $40 in no time at all. Since then it has done nothing but decline, decline, decline. Needless to say, everything here was dicey from the start.
So it is no surprise that it was announced today that the SEC is picking up the dice and taking a look. The stock, once the leader in this shenanigan sector, is down 37% today.
In the meantime the other stocks in the sector, although following the same pattern as RIOT from the beginning, don’t seem to have noticed RIOT’s drop today (see charts below). Maybe the story is different with each of them (OSTK, formerly Overstock.Com, recently picked up an investment from none other than George Soros), or maybe they just have not focused on the implications of the SEC opening their barn doors.
Good luck, fellows. Cash in your bitcoins…if you can.