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Bitcoin Miner Riot Platforms Purchases $500 Million Worth Of BTC — Details

Press Releases Crypto News Bitcoinist Bitcoin Miner Riot Platforms Purchases $500 Million Worth Of BTC — Details

Bitcoin mining company Riot Platforms has increased its BTC holdings with the addition of over 5,000 coins in the past few days. This significant purchase came on the back of reports that the miner was under pressure from activist investor Starboard Value.

How Much BTC Does Riot Platforms Currently Own?

On Friday, December 13, Riot Platforms announced that it had purchased approximately $510 million worth of BTC between December 10 and December 12. According to the post on X, the cost of this latest purchase was pegged at around $99,669 per BTC, including fees and other charges.

The most recent acquisition was executed with the net proceeds from the offering of Riots’ 0.75% convertible bond issue due 2030 and its cash reserves. And it brings the Bitcoin miner’s holdings to 16,728 BTC, valued at approximately $1.68 billion.

Interestingly, this BTC purchase comes after an underwhelming third-quarter performance for Riot Platforms. The mining company recorded a net loss of $154.4 million in the third quarter, resulting from the growing costs and unrealized investment losses.

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 purchasing such a significant amount of Bitcoin in a short period underscores the level of institutional adoption seen by the crypto market in 2024. With other corporations like MicroS

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Author: Opeyemi Sule

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