Riot Platforms Acquires 5,117 Bitcoin For $510Million

Bitcoin mining company Riot Platforms RIOT on Friday announced the acquisition of 5,117 Bitcoin BTC/USD for $510 million.

The purchase, funded through the net proceeds of the company's recent $525 million, 0.75% coupon convertible bond issuance, was made at an average price of $99,669 per Bitcoin, inclusive of fees and expenses.

The recently announced private offering, set to mature in 2030 with a 0.75% interest rate, is intended to support further Bitcoin purchases and general corporate initiatives.

After deducting expenses, the offering generated approximately $511.5 million in net proceeds.

It includes terms allowing conversion into common stock beginning in 2029, with provisions for earlier conversion under certain circumstances.

Also Read: Bitcoin To Hit $160,000 By 2025 For These 3 Reasons: Report

Additionally, the company recently purchased 705 Bitcoin for $68.45 million.

This strategic acquisition increases Riot's total Bitcoin holdings to 16,728 BTC, which are now valued at approximately $1.68 billion, based on Bitcoin’s current market price of $100,303.

The company has solidified its position as one of the largest institutional Bitcoin holders in the mining sector.

Riot's latest purchase underscores its aggressive accumulation strategy amidst a volatile market.

Data from Arkham Intelligence reveals that Riot now holds 12,198 Bitcoin valued at approximately $1.2 billion, making it the second-largest Bitcoin holder among publicly listed mining companies.

Marathon Digital MARA continues to lead the sector, with over 40,000 Bitcoin in its reserves, according to data from Bitbo.

Read Next:

• Donald Trump Pledges To ‘Do Something Great With Crypto’—Here’s What He’s Done So Far

Image created using artificial intelligence with Midjourney.