Is Citron Right About Riot Blockchain?
(0:30) - Cryptocurrency and Blockchain Tech: What Is It?
(4:15) - The Rapid Growth of Riot Blockchain
(9:00) - Riot Blockchain Warning Signs
(12:30) - Episode Roundup: Podcast@Zacks.com
On today’s episode of the Tech Talk Tuesday podcast, Ryan McQueeney discusses one of the trendiest bitcoin-related companies, Riot Blockchain RIOT, and why short-selling firm Citron Research decided to short the stock.
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Before jumping into the crypto-craziness that is Riot Blockchain, Ryan provides a basic introduction to the cryptocurrency market, including the definition of key terms like “blockchain” and “mining.”
Once the basics are out of the way, Ryan dives into Riot, starting with its recent name change. That’s right, up until a few months ago, this red-hot stock was actually a dying biotech equipment manufacturer called “Bioptix.”
After a failed acquisition left Biotix bleeding cash, its CEO decided to shift the company’s focus. Now, the firm operates its own bitcoin mining operation and boasts investments in several cryptocurrency and blockchain-focused companies.
However, shares of Riot have soared over 400% within the past month alone, despite serious concerns about the company’s lack of revenue, mounting debt, and unclear business model.
These concerns were exacerbated on Monday when Riot found itself in the crosshairs of famed short-seller Citron Research.
Ryan discusses all of the latest Riot news and explains why Citron is touching on some important points.
Make sure to tune into the show to hear more!
As a reminder, if you feel that we missed something, or if you want us to cover a different story, shoot us an email at podcast@zacks.com. Make sure to check out all of our other audio content at zacks.com/podcasts, and remember to subscribe and leave us a rating on iTunes.
As always, thanks for listening to the Zacks Tech Talk Tuesday Podcast; we will see you next time!
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