On Friday, the company Riot Platforms announced that from December 10 to 12, 2024, it acquired 5,117 bitcoins. The purchase cost the miner $510 million at an average price of about $99,669 per coin, including fees and expenses. The company now holds a balance of 16,728 BTC.

For the latest bitcoin acquisition, Riot Platforms spent part of its net income from the placement of convertible bonds with a yield of 0.75% maturing in 2030.

Following the news of the replenishment of bitcoin reserves, the company's shares rose by more than 7% to $13.28.

The third quarter proved to be quite challenging for Riot Platforms. The mining company reported a net loss of $154.4 million, which it attributed to rising costs and unrealized investment losses due to declining hash rate targets. Riot also reduced its plans for 2025 from 56.6 exahashes/s to 46.7 exahashes/s.

Riot Platforms is not the only mining company that replenished its bitcoin reserves this week. On Wednesday, MARA Holdings announced the purchase of 11,774 BTC for $1.1 billion. As a result, the miner's assets increased to 40,435 BTC and are now valued at $3.9 billion.