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Riot Platforms Acquires 5,117 BTC for $510 Million via $525 Million Bond, Totaling 16,728 BTC Valued at $1.68 Billion

Dec 16, 2024, 12:36 PM

Riot Platforms has made a significant investment in Bitcoin, acquiring 5,117 BTC for $510 million at an average price of $99,669 per coin. This purchase, funded by a $525 million convertible bond with an interest rate of 0.75%, increases Riot's total Bitcoin holdings to 16,728 BTC, valued at approximately $1.68 billion based on the current Bitcoin price of $101,000. The move is seen as a strategic decision to secure low-cost capital until 2030, reflecting confidence in the cryptocurrency market as Bitcoin recently surpassed the $100,000 mark. Riot's acquisition is part of a broader trend of companies increasing their cryptocurrency investments amid rising prices.