Riot Platforms, a Bitcoin mining company, recently acquired over 5,000 BTC amidst pressure from activist investor Starboard Value. The purchase, totaling around $510 million, was made between December 10 and 12 at an average price of $99,669 per BTC. This move was funded by Riot's convertible bond issue and cash reserves, boosting their total BTC holdings to 16,728 coins valued at $1.68 billion. The acquisition follows a challenging third quarter for Riot Platforms, which reported a net loss of $154.4 million. The surge in institutional interest in Bitcoin is evident as companies like Riot and MicroStrategy increase their BTC holdings. Riot's stock price rose by over 7% to $13.28 post the acquisition, mirroring the trend seen with MicroStrategy. The current price of Bitcoin is around $101,257, showing a 1% increase in the last 24 hours despite a 2% dip over the past week. Starboard Value's involvement in Riot Platforms suggests a shift towards AI-focused mining operations, highlighting the growing importance of Bitcoin investments for mining companies. Read more AI-generated news on: https://app.chaingpt.org/news

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