Riot Platforms Increases Bitcoin Holdings With $67.5M BTC Purchase

Riot Platforms Buys Another 667 Bitcoin for $67.5 Million

Riot Platforms, one of the well-known players in Bitcoin mining, has announced its significant expansion in cryptocurrency holdings by acquiring 667 BTC worth around $67.5 million. 

The company is a dedicated miner operating North America’s largest mining facility. With a market capitalization of approximately $4.41 billion, the company is among the largest and most prominent stocks within the Bitcoin mining sector.

Riot Platforms Cements Leading Position as a Major Bitcoin Miner with New Bitcoin Purchase

Bitcoin mining company Riot Platforms announced it added more BTC to its portfolio. According to its official announcement, the company utilized proceeds from the recent issuance of $594 million in 0.75% convertible bonds to purchase 667 BTC at approximately $101,135.

The purchase reportedly cost approximately $67.457 million. This will increase the miner’s total Bitcoin balance to 17,429. Based on the current market price of approximately $104,229, its total market value is now approximately $1.8 billion. The acquisition happened just after, a few days ago, company said it bought a total of 5,113 BTC for approximately $510 million.

The announcement comes around the same time MicroStrategy confirmed acquisition of an additional 15,350 BTC worth $1.5 billion, its sixth acquisition in six weeks. From the latest purchase, MicroStrategy will have a total holding of 423,650 Bitcoins. Primarily a business intelligence and cloud computing services provider, MicroStrategy has been one of the longstanding corporate advocates for cryptocurrency, especially now that Executive Chairman Michael Saylor sees the largest cryptocurrency as an inflation hedge and much superior to any other investment tool.

Riot Platforms, meanwhile, is a focused miner operating the most significant mining facility in North America. With a market capitalization of about $4.41 billion, this miner represents one of the larger stocks within the sector. 

Meanwhile, the price of Bitcoin once again moved past $105,000 on Monday, gaining 2.9% to reach $105,801.

$525 Million For Bitcoin Domination

In addition to its BTC acquisition, Riot Platforms has focused on securing its future growth through a $525 million convertible senior notes offering. That’s more than previously planned $500 million.

The convertible notes, as per the conversion terms into equity, give the company flexibility and liquidity to address market opportunities effectively. The company has deployed the proceeds to purchase additional BTC, enhance operational expansion, and explore advancements in mining efficiency. This audacious fundraising strategy stamps this company’s commitment to outpacing an industry rife with rapid innovation and volatility.

Strong Operational Performance Riot’s November 2024 production results further underscore its position as a leader in the crypto mining space. The company successfully mined 495 Bitcoins, demonstrating consistent operational efficiency and scalability. The miner’s increasing hash rate—a key measure of mining power—reflects its determination to strengthen its foothold in the competitive mining industry.

The company has been proactive in investing in renewable energy partnerships, further situating it as a sustainable player in the crypto space. This makes the company resonate with environmentally conscious investors who have concerns regarding the consumption of energy in mining.

The post Riot Platforms Increases Bitcoin Holdings With $67.5M BTC Purchase appeared first on CoinGape.


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Teuta Franjkovic
CoinGape

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