Riot Platforms, the Bitcoin driven infrastructure platform owning and operating North America’s largest bitcoin mining facility, raised $525 million by issuing convertible bonds with a low 0.75% coupon rate. With this proceeds, Riot purchased an additional 5,117 bitcoins at an average price of $99,669, including fees and expenses.
After this purchase, the total bitcoin holding of Riot has reached 16,728. At the current market price of Bitcoin, at around $100,303 per BTC, these holdings are now valued at approximately $1.68 billion.
Riot’s strategy seems to be focusing on expanding its Bitcoin reserves, positioning itself as a major holder of the cryptocurrency.
In August, Riot Platforms revealed a Q2 2024 net loss of $84.4 million, or $0.32 per share, its first quarterly loss since Q4 2022.
This latest purchase of Bitcoin reflects broader trends in the crypto industry, where institutional investors and large companies are increasingly holding onto Bitcoin as a store of value.
Also Read: MicroStrategy Buys 21,550 Bitcoin for $2.1 billion
