What's Going On With Bitcoin Mining Stock Riot Platforms Tuesday?

Riot Platforms Inc RIOT shares are seeing increased attention Tuesday after the company announced an upsized offering of convertible senior notes.

What Happened: Riot announced the pricing of a $525 million offering of its 0.75% convertible senior notes due 2030. The notes will be sold in a private offering to qualified institutional buyers.

The offering was upsized from the previously announced offering of $500 million. The company also plans to grant the initial purchasers a three-day period to buy up to an additional $75 million of the notes.

Riot anticipates net proceeds of approximately $511.5 million, and the offering is expected to close on Wednesday. The company intends to use the proceeds to purchase additional Bitcoin BTC/USD.

Investors appear to be digesting details of the strategy. The market has bid up other crypto-linked stocks like MicroStrategy and MARA Holdings in recent months after announcing plans to raise capital to accumulate Bitcoin.

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Bitcoin is trading lower on Tuesday and was down 1.69% over a 24-hour period at the time of publication, which appears to be adding some selling pressure to bitcoin mining stocks and other crypto-related names.

Riot said last week that it mined 495 Bitcoin in November, down about 2% from October. The company held a total of 11,425 Bitcoin as of the end of November.

RIOT Price Action: Riot Platforms shares were down 2.63% at $10.92 at the time of publication, according to Benzinga Pro.

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