Riot Platforms Buys More Than 5K BTC
On Friday, Riot Platforms announced that they had purchased 5,117 Bitcoins between December 10th and 12th, 2024. The acquisition of the largest digital asset by the Bitcoin miner totaled around $510 million, with an average price of approximately $99,669 per Bitcoin, including fees and expenses.
This brings the company’s total Bitcoin holdings to 16,728. The funds used for the purchase came from the net proceeds of its 0.75% convertible senior notes due 2030 and its existing cash reserves. On Friday, Riot’s stock price (ticker RIOT) increased by over 7% to $13.28.
This latest purchase by Riot follows a difficult third quarter where the company reported a net loss of $154.4 million. The loss was due to increasing costs and unrealized investment losses, as the miner lowered its hash rate targets.
Riot has also lowered its 2025 target from 56.6 EH/s to 46.7 EH/s. The recent acquisition by the Bitcoin miner coincides with the news that activist investor Starboard Value has bought a stake in the company.
