The mining giant welcomes Hubert Marleau: will his experience in large financial institutions help the company?
Last week, as share prices rose 50% to levels not seen since the 2018 bull run, Riot Blockchain (NASDAQ: RIOT) introduced former director of the Toronto Stock Exchange listing committee, Hubert Marleau, to its board of directors.
The Colorado-based company was looking for a new director after the departure of former Canadian cabinet member, Remo Mancini. Marleau will bring his extensive regulatory and governance experience to Riot, having also served as governor Bitcoin Machine of the Montreal and Vancouver stock exchanges. Marleau also has a broad academic background and currently holds a chair for a series of conferences on his behalf at the University of Ottawa.
Marleau’s appointment takes place over the course of an unusually bullish week for the price of RIOT shares, which closed at $6 after opening the week at $4.10, well above the rise of almost 20% for Bitcoin. Compared to the previous year, the value of RIOT rose by almost 500%.
The appointment of a new manager is not the only move the mining giant has made in recent times. In August, it finalised the purchase of 8,000 Antminer S19 Pro Bitcoin mining machines for a total of $17.7 million.
The purchase could also be an attempt to thwart rival Marathon Patent Group, another major mining company in North America. As reported by Cointelegraph, Marathon purchased 10,000 S19 Pro machines at the end of October.
Like Riot, Marathon Patent Group shares also grew significantly during the past week, closing at $3.39 after opening at $2.38 on Monday.