Riot Platforms to Raise $500M via Convertible Notes for Bitcoin Acquisition

Dec 9, 2024, 12:21 PM

Riot Platforms Inc., a publicly traded Bitcoin mining company, has announced plans to raise $500 million through a private offering of convertible senior notes due in 2030. The company intends to use the net proceeds primarily to acquire Bitcoin for its corporate treasury and for general corporate purposes. This move follows a similar strategy previously adopted by companies like MicroStrategy Inc. and Marathon Digital Holdings Inc., which have also invested in Bitcoin for their corporate treasuries. The announcement led to a 6.5% drop in Riot Platforms' shares during premarket trading.