[O/T] Hapless Lil' Bitcoin Miner Update: Something Weird Is Afoot At Riot Blockchain...

I haven't mentioned this public company in over a year, at least. . . but some truly bizarre stuff went on there today. And the least bizarre part is that it out-ran Bitcoin by about five to one, on the day -- up nearly 60 per cent, for the day. Almost one and a half times all its outstandings changed hands. In a day. At a company losing money, hand over fist for three years without interruption.

Then right after NASDAQ market close, the lead director resigned with immediate effect (he was paid almost $4 million in stock for the past year, at a micro cap company). And a new director was announced, also a Canadian, but no word on whether the 76 year old new guy will be the Chair/Lead director. I expect more SEC disclosures, before dawn tomorrow -- and will update. . . but something is afoot.

This is from my other property on it all, as of 8 PM EST tonight:

Why The Crazy Rush Here, Boys?!

So. . . after taking what now equates to about $4 million, in stock for about nine to twelve months' work (actually, like 50 half-day meetings. . . or so) -- Remo Mancini resigned as lead director today, with immediate effect. [Just yesterday we learned that under one fifth of the outstanding shares were cast for his re-election.]

Wanna' bet he sold all of his shares, effective today -- during the insane run-up?

Wanna' also bet. . . some sort of dispute -- perhaps about number of Bitcoin mined (and the payments in Bitcoin owed to Coinmint in Massena, New York) is in the offing?!

To say this is highly unusual -- on a day with what obviously looks like a pump and dump underway... is a model of understatement. [If Mr. Mancini sold today, SEC rules do not allow him to avoid disclosing that fact, simply by resigning his seat. Stay tuned, for an SEC Form 8-K. . . or several of them -- two day window for disclosure here; then the company is tardy. I would argue that the fact that the stock is up over 50 per cent, on a single day, with more than all the outstandings changing hands... means the legal duty actually becomes a "tonight, or tomorrow -- before NASDAQ market open" one.] Hard to imagine anything much more material, here -- and the SEC rules are qualitative, more than. . . quantitative -- meaning that a disclosure duty is owed before trading begins again on the NASDAQ, if anything is really afoot. So is the midnight oil burning -- in Castle Rock, Colorado, guys?

Then the question becomes. . . does this new Canadian (and former TSX exec) become the new Lead Director, or Chairman -- or does one of the 30-somethings, the other two names on the board?

Finally, did the company have to agree to give Hubert Marleau the same crazily over-laden stock bolus, in compensation?

The mind boggles. . . more in a bit, as I'd rather not just rely on press releases to tell the story -- the official SEC filings may tell more of a back story, as required by Reg S-K. [They have until 10:30 PM Eastern, tonight to get it in, otherwise it goes as a pre-market filing, tomorrow.]

Onward, grinning -- late night here too, perhaps.

नमस्ते