Riot Platforms Acquires 5,117 Bitcoin For $510 Million
By Benzinga
Bitcoin mining company Riot Platforms (NASDAQ:RIOT) on Friday announced the acquisition of 5,117 Bitcoin (CRYPTO: BTC) 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 (NASDAQ:MARA) continues to lead the sector, with over 40,000 Bitcoin in its reserves, according to data from Bitbo.
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