Because the share value outperforms Bitcoin, Riot Blockchain appoints a brand new director
Last week, when share prices soared 50% to levels not seen since the cryptocurrency bullrun in 2018, Riot Blockchain (NASDAQ: RIOT) appointed former Toronto Stock Exchange director Hubert Marleau to the Riot Board of Directors .
The Colorado-based company was on the market for a new director following the departure of former Canadian cabinet member Remo Mancini. Marleau brings a wide range of regulatory and government experience to Riot and has also served as governor of the Montreal and Vancouver stock exchanges. Marleau also has a strong academic background and currently serves as a chair on a series of lectures on his behalf at the University of Ottawa.
Marleau's appointment comes amid an unusually strong week for RIOT stock prices. RIOT closed at $ 4.10 at $ 6 even after the week opened, significantly outperforming Bitcoin by almost 20%. Year over year, RIOT is up nearly 500% from $ 1.22.
Appointing a new director isn't the only step the mining giant has taken in recent weeks. Riot agreed to a massive purchase of new Antminer S19 Pro bitcoin mining equipment worth 8,000 units and $ 17.7 million to expand operations in August.
The purchase could be an attempt to fend off efforts by rival mining company Marathon Patent Group to remove the crown of "Top Miner in North America". As Cointelegraph has already reported, Marathon bought 10,000 S19 Pro units itself at the end of October.
Like Riot, the Marathon Patent Group's MARA ticker trades much higher for the week, closing at $ 3.39 on Monday after opening at $ 2.38.