Riot Blockchain, one of the many companies that changed their name to contain the word 'Blockchain'[1] last year evidently on industry hype, has received a subpoena from the US Securities and Exchange Commission[2] (SEC), according to a SEC Form 10-K[3] annual report filed Tuesday, April 17.
The filing writes that Riot Blockchain received a SEC subpoena on April 9 containing a request for “certain information” from the company, adding that they intend to “fully cooperate” with the request. Riot Blockchain makes clear that they are not particularly concerned with the move as “many companies engaged in blockchain and cryptocurrency businesses have received subpoenas from the SEC,” evidently in reference to the SEC’s publicized crypto probe[4].
Before the company’s name change, Riot Blockchain went under the name Bioptix, a company which worked with patents seeking “regulatory approval for and offer to sell, market, distribute, import and export luteinizing hormone ("LH") and/or follicle-stimulating hormone ("FSH") products for cattle, equine and swine for the assistance and facilitation of reproduction,” according to their fall press release[5] about the name change.
After leaving the veterinary and life science business, which Riot Blockchain’s SEC filing describes as “not successful,” the company turned to the cryptocurrency mining industry with Bitmain[6] hardware and investments in the cryptocurrency sector. The company reports it also has plans to open a cryptocurrency exchange.
Under the “competition” section in the SEC filing, Riot Blockchain confusingly lists crypto-friendly retail giant Overstock.com as a competitor.
Despite Riot Blockchain’s new crypto trend, they report that they are “not profitable and have incurred losses since our inception” and “expect to continue to incur losses for the foreseeable future.”
Riot Blockchain’s name
