Nasdaq-listed bitcoin mining company Riot Blockchain (RIOT) reached a $1.08 billion market capitalization Monday after surging nearly 13% in early trading hours.
Shares of the Castle Rock, Colo.-based firm have gained over 1,250% in 2020, currently trading hands above $16.
Riot has issued nearly 17 million shares since November, with a total of 67.5 million shares outstanding, according to data collected by ycharts.com.
Riot has aggressively expanded the size and sophistication of its mining operations in 2020, including a planned pilot project in Texas to test water immersion cooling technology in addition to purchasing over 31,000 new ASIC mining machines this year, per CoinDesk's prior reporting.
Riot shares opened Monday nearly 18% higher than their Thursday close on Christmas Eve.
Riot pivoted its business model from biotech to bitcoin mining in October 2017 when its value was less than $50 million.
Riot did not immediately respond to a comment request from CoinDesk.
