Riot Platforms (NASDAQ:RIOT) has acquired 5,117 Bitcoin between December 10th and December 12th, 2024, at a cost of $510 million, bringing its total holdings to 16,728 as of December 12th.
With the net proceeds from Riot’s recent $525 million, 0.75% coupon convertible bond issue, the Company has acquired 5,117 BTC at an average price of $99,669 per BTC, inclusive of fees and expenses. As a result, Riot has increased its holdings to 16,728 BTC, currently valued at… pic.twitter.com/Fi6x5hnNDR
— Riot Platforms, Inc. (@RiotPlatforms) December 13, 2024
The company funded the purchase using proceeds from its 0.75% convertible senior notes due in 2030 and cash reserves.
The average price paid per Bitcoin, including fees, was approximately $99,669.
Additionally, Riot’s stock increased by 5% on Thursday following a Wall Street Journal report that activist investor Starboard Value has taken a significant stake in the company.
The report suggests Starboard is advocating for Riot to repurpose some of its mining operations to serve hyperscale data center clients, a move aimed at enhancing operational efficiency, according to sources.