Riot Blockchain, Inc. announced that one of its strategic portfolio holdings, goNumerical Ltd, doing business as bitcoin exchange Coinsquare, has closed a CAD $10.5 million investment at a CAD $110.5 million pos valuations. A prominent global asset manager with over a trillion dollars under management led the round with a CAD $10 million investment. goNumerical operates Coinsquare, a Canadian-based digital currency exchange. The new valuation for Coinsquare is over 3x the valuation from Riot’s investment in September 2017.
Coinsquare has reported profitable operations and has grown over 300% in several different financial metrics since Riot’s investment in September. Although competitor information is not widely available, Riot believes Coinsquare is one of the largest, if not the largest, Canadian digital currency exchange.
“We are thrilled with this latest sign of confidence in Coinsquare, the digital currency market, and the important role Coinsquare is playing in growing this market in Canada. Coinsquare was our first strategic investment and is well positioned to continue executing on their lofty ambitions and vision of their CEO, and Riot advisor, Cole Diamond.”
Riot Blockchain, which also recently invested in bitcoin mining, the company, formerly Bioptix Inc., a maker of diagnostic machinery for the biotech industry changed its name to ‘Riot Blockchain’ on October 4th. The company intends to gain exposure to the blockchain ecosystem through targeted investments in the sector, with a primary focus on the Bitcoin and Ethereum blockchains. The rollout of this strategy has commenced with a strategic investment in Coinsquare, a leading Canadian digital currency exchange. The company continues to maintain its existing Bioptix business line.