Bitcoin miner Riot Platforms has purchased 667 BTC worth $69 million, according to recent SEC filings. The acquisition was made at an average price of $101,135 per Bitcoin.
With this purchase, Riot’s total Bitcoin holdings have climbed to 17,429 BTC, which, at today’s price, is valued at approximately $2 billion.
Riot is Closely Following MicroStartegy’s Bitcoin Purchase Strategy
Riot initially shifted its business focus to Bitcoin mining in 2018, operating from its Oklahoma facility. The company has since expanded its strategy, mirroring MicroStrategy Chairman Michael Saylor’s approach to Bitcoin purchase and initiating share buybacks to increase crypto reserves.
Following the announcement, Riot’s stock price surged nearly 8% today. The firm’s combined mining operations and strategic Bitcoin acquisitions have significantly boosted its BTC yield.
Also, Riot reported a 36.7% Bitcoin yield for Q4 so far and a year-to-date yield of 37.2%. This yield metric highlights the growth in BTC holdings relative to share dilution.
The approach of raising capital through share rights for Bitcoin purchases remains a topic of debate. However, major miners like Riot and Marathon Digital (MARA) have continued this practice.
Last week, MARA acquired 11,774 BTC for $1.1 billion, using funds from a zero-coupon convertible note offering.
Meanwhile, MicroStrategy also announced its lates
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Author: Mohammad Shahid
