Is Riot Platforms a Millionaire Maker?
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Riot Platforms (NASDAQ: RIOT) became one of the world's largest Bitcoin (CRYPTO: BTC) miners during the past few years, but it's generated disappointing returns for its long-term investors. Riot actually used to be Bioptix, a developer of veterinary products, before it abruptly abandoned that business model (and name) nearly seven years ago.
On Oct. 4, 2017, Bioptix rebranded itself as Riot and declared it would become a Bitcoin miner. It subsequently ordered thousands of Bitcoin miners from Bitmain, invested in other crypto companies, and expanded its business with more acquisitions. Riot's stock closed at $8.18 per share on the day of its rebranding, and it eventually soared to its post-rebranding high of $77.90 during the meme stock rally on Feb. 17, 2021.
Image source: Getty Images.
Source Fool.com
