Last week, when stock prices surged more than 50% to levels not seen since the bull run on cryptocurrencies in 2018, Riot Blockchain (NASDAQ: RIOT) appointed former Toronto Stock Exchange listing committee director Hubert Marleau to Riot’s board of directors.
The Colorado-based firm was on the hunt for a new director after the departure of former Canadian cabinet member Remo Mancini. Marleau brings a wide range of governance and regulatory experience to Riot, and also served as governor of the Montreal and Vancouver stock exchanges. Marleau also has a strong academic background and currently serves as chair of a series of named conferences at the University of Ottawa.
Marleau’s appointment comes amid an unusually strong week for the company’s share price. RIOT closed at $ 6 even after opening the week at $ 4.10, easily outpacing Bitcoin’s nearly 20% rise. So far this year, RIOT is up almost 500% from $ 1.22.
Appointing a new director is not the only move the mining giant has made in recent weeks. Riot agreed to a massive purchase of 8,000 units, $ 17.7 million of new Antminer S19 Pro Bitcoin mining rigs to expand operations in August.
The purchase may be an effort to avoid the attempts of the rival mining company Marathon Patent Group to snatch the crown of “Best Miner in North America”. As Cointelegraph previously reported, Marathon bought 10,000 units of S19 Pro By the end of october.
Like Riot, Marathon Patent Group MARA shares are trading much higher on the week, closing at $ 3.39 after opening at $ 2.38 on Monday.