The funds will be used to purchase additional Bitcoin and support general corporate initiatives. An additional US$75 million in notes may be offered, bringing the potential total to US$575 million.
The unsecured senior notes, maturing on January 15, 2030, will be offered to institutional buyers. Details such as the conversion rate and other terms will be disclosed upon the official offering. At current Bitcoin prices, the full raise could allow Riot to add approximately 5,877 BTC to its holdings.
As of November 30, Riot Platforms held 11,425 Bitcoin, valued at over US$1.1 billion, positioning the company as the third-largest Bitcoin holder among publicly traded firms, following MicroStrategy and Marathon Digital. The firm has increased its Bitcoin reserves by nearly 1,000 BTC since September 30.
Despite this strategic move, Riot’s stock (RIOT) is down 9% today, trading at US$11.76, as Bitcoin prices slipped 2%. However, the stock has surged nearly 73% in the past three months, reflecting broader gains among crypto-related companies.
Riot, which operates mining facilities in Kentucky and Texas, also recently settled a contentious takeover bid for Canadian Bitcoin miner Bitfarms. The agreement includes nominating a Riot-selected executive to Bitfarms’ board. Riot previously attempted to acquire Bitfarms for US$950 million but was rebuffed.
The company continues to grow its operations, producing over 16 BTC daily in November, and remains a key player in the expanding Bitcoin mining industry.
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