The US-listed miner Riot Platforms announced that the company spent about $67.5 million to acquire 667 Bitcoins, continuing to expand its Bitcoin holdings.
Riot Platforms stated on Monday that the funds for this Bitcoin purchase came from the proceeds of earlier issued convertible bonds. The statement noted:
With the additional proceeds from Riot's issuance of $594 million in convertible bonds with a coupon rate of 0.75%, the company has purchased 667 Bitcoins at an average price of $101,135.
As a result, the amount of Bitcoin held by Riot has increased to 17,429 Bitcoins, which, based on the current market price of Bitcoin at $103,873, values the holdings at approximately $1.8 billion.
As early as between December 10 and 12, this Bitcoin mining company had used some of the net proceeds from this issuance to purchase 5,117 Bitcoins.
Since Bitcoin's halving in April this year, Riot Platforms' profit performance has been sluggish. However, the Wall Street Journal reported last week that activist investor and hedge fund Starboard has significantly purchased shares of Riot Platforms, gaining a voice in the company's direction, hoping that Riot Platforms will transform its Bitcoin mining facilities into data centers to provide GPU hosting services for AI technology giants.
Fueled by the news, Riot Platforms' stock price has risen over 20% in the past five trading days, increasing 7.4% in the first hour of trading on Monday, with the trading price around $13.95 at the time of publication.
"Riot Platforms increases its holdings by 667 Bitcoins, bringing the total to 17,429 Bitcoins" was first published in (Blockcast).
