Riot Platforms continues to accumulate Bitcoin on a large scale
As a result of this acquisition, as of December 12, 2024, Riot Platforms now holds a total of 16,728 Bitcoins. The value of these assets, based on the latest BTC price, is approximately $1.69 billion. Incidentally, the purchases coincide with reports that activist investor Starboard Value has taken a "significant position" in the Bitcoin miner.
Particularly, the financing for this large-scale purchase was obtained from the net proceeds of the 0.75% senior convertible bonds of the company maturing in 2030, supplemented by its available cash reserves.
In fact, Riot has established itself as one of the largest public holders of the cryptocurrency in the world. With this acquisition, it positions itself as the third largest publicly traded company with the most BTC, only behind giants like MicroStrategy and MARA Holdings.
In closing, the growing demand for Bitcoin by companies like Riot Platforms demonstrates the increasing institutional interest in cryptocurrencies and could drive the price of Bitcoin up in the long term.
I will conclude with this quote from Michael Saylor: "As the sun sets on gold, the Bitcoin star continues to rise."
