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Riot Platforms Acquires 5,117 BTC, Eyes AI Data Centers Amid Stock Surge
Dec 16, 2024, 02:05 PM
Riot Platforms Inc. has significantly expanded its Bitcoin holdings, acquiring 5,117 BTC for $510 million at an average price of $99,669 per coin. This move was funded by a $525 million convertible bond issue with a 0.75% coupon. The company's total Bitcoin stash now stands at 16,728 BTC, valued at $1.68 billion with Bitcoin trading at $101,000. Riot further bolstered its position by purchasing an additional 667 BTC for approximately $67.5 million, bringing its total holdings to 17,429 BTC, now worth $1.8 billion. This strategic acquisition was part of Riot's broader plan to increase its Bitcoin per share for shareholders, leveraging proceeds from its recent convertible note issue.
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