The U.S. listed miner Riot Platforms announced that it spent approximately $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 come from the proceeds of earlier issued convertible bonds. The statement indicated:
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. Based on the current market price of Bitcoin at $103,873, the total value of the holdings is approximately $1.8 billion.
As early as between December 10 and 12, this Bitcoin mining company had used part of the net proceeds from this issuance to purchase 5,117 Bitcoins.
Since the Bitcoin 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 heavily bought shares of Riot Platforms to gain control over the company's operational direction, hoping that Riot Platforms will transform its Bitcoin mining operation into a data center to provide GPU hosting services for AI technology giants.
Fueled by the news, Riot Platforms' stock price has risen more than 20% in the past five trading days, increasing by 7.4% within the first hour of trading on Monday, with the trading price at approximately $13.95 at the time of publication.
"Riot Platforms increased its holdings by 667 Bitcoins, bringing the total to 17,429" was first published by Blocktempo.
