Riot Platforms completes $525M offering to buy Bitcoin

Riot Platforms eyes Bitcoin expansion with proceeds from the $525M note sale.

Riot Platforms completes $525M offering to buy Bitcoin

Photo: Markets Insider

Key Takeaways

  • Riot Platforms raised $525 million to fund Bitcoin purchases and operations.
  • Riot currently holds 12,000 Bitcoin, valued at approximately $1.2 billion.

Riot Platforms, a leading Bitcoin mining company, has completed its $525 million senior note offering, according to a filing with the SEC.

The private offering, initially announced earlier this week, will mature in 2030 with a 0.75% interest rate and aims to fund additional Bitcoin acquisitions and general corporate purposes.

The offering, which netted approximately $511.5 million after expenses, includes provisions for conversion into common stock starting in 2029, with earlier conversion possible under specific conditions.

The company recently acquired 705 Bitcoin for $68.45 million.

Data from Arkham Intelligence shows Riot now holds 12,000 Bitcoin, valued at approximately $1.2 billion, making it the second-largest Bitcoin holder among mining companies.

Marathon Digital leads the sector with over 40,000 Bitcoin, according to Bitbo data.

Disclaimer
11.12.2024
views: 805

You may have missed

What’s Preventing Bitcoin’s (BTC) Price from Reaching $70,000? How Long Will It Stay Under $65,000?
The crypto markets are becoming uncertain of the next price action as the top token, Bitcoin, has been shadowed under misty clouds. The bulls and bears exert equal pressure, causing the price to remain consolidated within a narrow range. With the price advancing towards the second half of the month, more bearish action is expected to occur, which could shake up the BTC price rally and the entire crypto market...
13.08.2024
BlackRock, Fidelity Combined Hold Almost 2.5% of Total BTC Supply in Their ETFs
BlackRock’s IBIT and Fidelity’s FBTC funds combined account for 2.5% of the total Bitcoin supply, representing over US$30 billion. IBIT holds 347,766.96 BTC worth US$20.32 billion, doubling the BTC count of Fidelity’s FBTC. Institutional investors like governments, public and private companies, and funds now hold a substantial and increasing share in the global Bitcoin market. BlackRock’s iShares with its IBIT and Fidelity’s Wise Origin Bitcoin FBTC funds now account for...
12.08.2024
Bitcoin Technical Analysis: BTC Struggles Amidst Bearish Pressure, Eyes Key Support Levels
Bitcoin’s price on August 12, 2024, stands at $59,777, with intraday 24-hour prices ranging between $57,814 and $61,054. The cryptocurrency’s market capitalization is $1.16 trillion, supported by a 24-hour trade volume of $29.81 billion. As bitcoin navigates this challenging environment, technical indicators reveal continued bearish momentum, testing the resolve of bullish investors. Bitcoin The 1-hour chart reveals a pronounced bearish trend, with bitcoin’s price declining from $61,868 to approximately $57,681...
12.08.2024