Bitcoin miner Riot Platforms has significantly expanded its BTC holdings. As of December 12, it acquired 5,117 BTC for $510 million. This purchase, at an average price of $99,669 per Bitcoin, brings Riot’s total holdings to 16,728 BTC.
The acquisition was funded through proceeds from the company’s 0.75% convertible senior notes due 2030 and existing cash reserves.
Riot’s Bitcoin Holdings Reach 16,728 BTC
Riot’s recent Bitcoin acquisition reflects a broader trend of treating the largest cryptocurrency as a strategic reserve asset. This strategy aligns with recent market plays made by other companies and governments recently.
MicroStrategy, a pioneer in using Bitcoin as a corporate treasury reserve, currently holds over 423,650 BTC. Since November, the firm has made over $15 billion worth of BTC purchases.
Similarly, Marathon Digital has accumulated 40,435 BTC, positioning itself as another leader in the mining and holding of digital assets.
Governments are also exploring Bitcoin as a reserve currency. Pennsylvania introduced the Bitcoin Strategic Reserve Act, which proposes allocating up to 10% of its $7 billion state funds to Bitcoin.
Texas is considering legislation to allow tax payments in Bitcoin, while Bhutan has been quietly mining Bitcoin since 2019, amassing over 12,000 BTC. Just this week, the city of Vancouver passed a
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Author: Farah Ibrahim
