Bitcoin mining giant Riot Platforms Inc. has made another huge splash into BTC to increase its holdings. As announced, the company bought a total of 5,113 Bitcoin for approximately $510 million. This acquisition is reminiscent of ongoing trends of Bitcoin buyup by Wall Street firms.
Riot Platforms and Bitcoin Agenda
As reported earlier this week, the company announced it is raising $500 million via Convertible bond issue to buy more Bitcoin. In the purchase announcement, Riot Platforms said it used proceeds from the fundraising to buy 5,117 BTC at an average price of $99,669 per BTC, inclusive of fees and expenses.
With this latest purchase, the mining firm has increased its holdings to 16,728 BTC. These Bitcoin stash is currently valued at approximately $1.68 billion based on the current market price of BTC of $100,303.
With the net proceeds from Riot’s recent $525 million, 0.75% coupon convertible bond issue, the Company has acquired 5,117 BTC at an average price of $99,669 per BTC, inclusive of fees and expenses. As a result, Riot has increased its holdings to 16,728 BTC, currently valued at… pic.twitter.com/Fi6x5hnNDR
— Riot Platforms, Inc. (@RiotPlatforms) December 13, 2024
Jason Les, the company’s CEO acknowledged that the total Bitcoin reported features monthly Bitcoin production through Dec 11th. While Riot Platforms made headlines on many occasion with Bitfarms acquisition saga earlier in the year, its recommitment to BTC is helping it reshape sentiments.
Amid the growing conversations around strategic Bitcoin reserve in the US, Riot Platforms’ Executives have shared strong takes. The firm’s VP of Research Pierre Rochard has revealed that this initiative can benefit the US, especially in managing its debt profile.
Subtle Wall Street Competition in BTC Bets
The latest acquisition from Riot comes is the latest of such moves from publicly listed firms. Earlier this week, MARA Holdings Inc invested $1.1 billion to buy a total of 11,774 BTC.
This move is not uncommon as more firms including $57B AUM Australia’s Pension Fund AMP also betting on the coin. As announced, AMP bought BTC worth $27 million to shore up its diversified portfolio. All these firms seem to be learning from MicroStrategy’s playbook, regarding its complete long-term commitment to Bitcoin.
Beyond these private firms, US State Texas may also build a Bitcoin reserve if the Bill from Rep Giovanni Capriglione to establish such reserve passes.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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