Jason Les, CEO of leading Bitcoin BTC/USD miner Riot Platforms Inc. RIOT, stated on Monday that the company was committed to boosting Bitcoin yield for its shareholders but denied exploring maneuvers like those of Strategy Inc. MSTR as yet.
What happened: During the firm's fourth-quarter earnings call on Monday, Les outlined the significance of offering a higher Bitcoin per share by minimizing dilution.
He pointed out that the company’s mining operations, characterized by a "very low" direct cost of production, are the key to this strategy.
"And of course, always going to be looking to raise capital in the least dilutive, lowest cost of capital manner in order to enhance Bitcoin yield," the CEO added.
The "Bitcoin Yield" metric, popularized by Strategy, the world's largest corporate holder, measures the percentage change in the number of Bitcoins a company owns per share over a period. The metric helps gauge the effectiveness of the Bitcoin acquisition strategy.
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"We think with our assets and the things that we’ve what we build up here at Riot, we are well positioned to find alternative forms of financing," Les stated.
On the question of introducing "structured products" like Strategy, the CEO said, "That’s not something that we’ve looked too closely at yet."
Why It Matters: Les' remarks come in the wake of a trend among leading U.S.-based Bitcoin miners to accumulate BTC as a buffer against increasing competition and shrinking profit margins.
Riot bagged approximately $510 million worth of Bitcoin in December. As of this writing, it was the third-largest corporate Bitcoin holder, with a stash of 18,221 BTC, worth $1.67 billion, according to bitcointreasuries.net.
Riot Platforms reported a fiscal 2024 revenue of $376.7 million, surpassing the analyst consensus estimate of $372.34 million. The company posted mining revenue of $321 million for the year, as compared to $189.0 million in 2023, primarily driven by higher average Bitcoin prices.
Price Action: At the time of writing, Bitcoin was exchanging hands at $92,165.87, down 3.64% in the last 24 hours, according to data from Benzinga Pro.
Shares of Riot rose 1% in after-hours trading, after closing 4.49% lower at $9.990 during Monday's trading session. Year-to-date, the stock has dropped 2.15%.
Image via Shutterstock
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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