Why Bitcoin- And Ethereum-Related Stock Riot Blockchain Is Rising

Riot Blockchain Inc RIOT is trading higher Wednesday after the company announced the acquisition of ESS Metron for $50 million in cash and stock.

ESS Metron is engaged in designing and producing highly engineered electrical equipment solutions, many of which are mission-critical to successfully deploying Bitcoin BTC/USD mining operations at scale. 

ESS Metron is currently a key supplier to Riot Blockchain's Whinstone facility. The company significantly improves Riot Blockchain's ability to improve its internal engineering capabilities.

"The successful acquisition of ESS Metron marks yet another milestone in establishing Riot as a leader in Bitcoin mining. Riot’s strategic position across the electrical supply chain is significantly enhanced as the Company will benefit from ESS Metron’s existing relationships with leading electrical suppliers globally," said Jason Les, CEO of Riot Blockchain.

Riot Blockchain may also be trading higher with the price of Bitcoin and Ethereum ETH/USD. 

At publication time, Bitcoin was up 2.70% at $58,624 over a 24-hour period and Ethereum was up 2.66% at $4,719.35 over a 24-hour period.

Related Link: Ethereum Outshines Bitcoin, Shiba Inu Leaves Dogecoin In The Dust — Are We In For An 'Explosive' Alt Season?

Riot Blockchain is focused on building, supporting, and operating blockchain technologies.

RIOT Price Action: Riot Blockchain has traded as high as $79.50 and as low as $6.90 over a 52-week period.

The stock was up 7.93% at $40.33 at time of publication.

Photo: xresch from Pixabay.