cryptonewsz.com
On December 13, Bitcoin mining giant Riot Platforms, Inc. acquired 5,117 Bitcoins at an average price of $99,669 per Bitcoin, inclusive of fees and expenses. With this acquisition, the Bitcoin mining company is now holding 16,728 Bitcoins in total, valued at approximately $1.68 billion based on the current BTC market price of $100,303.
With the net proceeds from Riot’s recent $525 million, 0.75% coupon convertible bond issue, the Company has acquired 5,117 BTC at an average price of $99,669 per BTC, inclusive of fees and expenses. As a result, Riot has increased its holdings to 16,728 BTC, currently valued at… pic.twitter.com/Fi6x5hnNDR
— Riot Platforms, Inc. (@RiotPlatforms) December 13, 2024
Riot Platforms Raised Fund Through Convertible Debt Offering
Previously, Riot has bolstered its Bitcoin reserves after the company disclosed its intention to raise funds through an upsized private convertible debt offering. To bolster its Bitcoin reserve, the company made an issuance of $525 million in convertible senior notes.
The 0.75% convertible senior notes, due 2030, were priced to raise $525 million, with the company estimating net proceeds of $511.5 million. The figure excludes the additional $75 million purchase option.
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The offering, which closed on December 11, 2024, saw the company outline its plans to use the proceeds for Bitcoin acquisition and general corporate purposes.
Amid the intense rally in Bitcoin, the company’s strategy shows its confidence in Bitcoin’s long-term value and aligns with its commitment to solidify its position as a leader in the Bitcoin mining industry.
A few days ago, MicroStrategy also advanced its Bitcoin acquisition strategy by acquiring 21,550 Bitcoins for $2.1 billion between December 2 and 8, 2024. The latest acquisition brings the company’s total holdings to 423.650 Bitcoin with an estimated value of $41.5 billion.