According to PANews, Riot Platforms has successfully completed a $525 million convertible notes offering, as revealed in a filing with the U.S. Securities and Exchange Commission on December 11. The notes, which mature in 2030, carry an interest rate of 0.75% and were privately issued to institutional investors. Starting in 2029, investors will have the option to convert these notes into Riot's common stock. Additionally, under certain conditions outlined in the issuance terms, early conversion may be possible. The funds raised are primarily intended to support the company's Bitcoin acquisition strategy, aiming to further expand its holdings.
Prior to this strategic move, Riot invested $68.45 million to purchase 705 Bitcoins. With this latest investment, the company's total Bitcoin holdings have reached 12,000 coins, valued at approximately $1.2 billion at current market prices. This positions Riot as the second-largest publicly traded mining company in terms of Bitcoin holdings, following Marathon Digital, which currently holds over 40,000 Bitcoins.
