Riot Platforms to Raise Up to $575 Million via Convertible Notes to Acquire Bitcoin

Dec 9, 2024, 12:40 PM

Riot Platforms (NASDAQ: RIOT), a leading U.S. Bitcoin mining company, announced a proposed private offering of $500 million of convertible senior notes due 2030, with an option for initial purchasers to buy an additional $75 million of notes. The net proceeds from the offering are intended to be used primarily for the acquisition of Bitcoin and for general corporate purposes. This move mirrors strategies employed by companies like MicroStrategy and Marathon Digital Holdings (MARA) to increase Bitcoin holdings through convertible debt offerings. Following the announcement, shares of Riot Platforms were down 6.5% in premarket trading.