Core

Argo

Bitcoin

Read

mirror

<p><strong>Key Points:</strong></p>  
<ul class="wp-block-list">
 <li><em>Riot Platforms acquires $510 million worth of Bitcoin, acquiring 5,117 BTC at an average price of $99,669 per coin.</em></li>  
 <li><em>The acquisition boosts Riot’s BTC reserves to 16,728 Bitcoin, worth approximately $1.68 billion, making it the third-largest public holder globally.</em></li> 
</ul>  
<h5 class="wp-block-heading">Riot Platforms acquires BTC value of $510M, raising its holdings to 16,728 BTC. The purchase strengthens its position as a leading public Bitcoin holder.</h5>  
<figure class="wp-block-image aligncenter size-large"><img src="https://coincu.com/wp-content/uploads/2024/12/On-Black-7-1024x576.jpg" alt="Riot Platforms Acquires BTC, Total Holdings Reach 16,728 Bitcoin" class="wp-image-296876">
 <figcaption class="wp-element-caption">
 </figcaption>
</figure>  
<h2 class="wp-block-heading" id="riot-platform-acquires-5-117-btc-for-510m">Riot Platform Acquires 5,117 BTC for $510M</h2>  
<p>Riot Platform (formerly <a href="https://coincu.com/157837-bitcoin-miner-riot-rebrands/" rel="noopener noreferrer nofollow">Riot Blockchain</a>), a leading Bitcoin mining company, recently <a href="https://x.com/RiotPlatforms/status/1867570759704420356" rel="noopener noreferrer nofollow">announced</a> a significant purchase of 5,117 Bitcoin for $510 million in cash, at an average price of $99,669 per coin.</p>  
<p>The mining company stated that this latest Bitcoin acquisition was funded by the $525 million raised through the sale of convertible senior notes <a href="https://coincu.com/296056-riot-convertible-notes-worth-500m/" rel="noopener noreferrer nofollow">announced</a> on December 9th.</p>  
<p class="has-background" style="background-color:#222222">Read more: <a href="https://coincu.com/296789-matrixport-predicts-bitcoin-price-to-soar-160k/" rel="noopener noreferrer nofollow">Matrixport Predicts Bitcoin Price to Soar $160K by 2025 Amid ETF Demand</a></p>  
<h2 class="wp-block-heading" id="resilience-amid-past-market-downturns">Resilience Amid Past Market Downturns</h2>  
<p>Riot Platform is a Bitcoin mining and digital infrastructure company. It operates Bitcoin mining facilities in Texas and Kentucky, along with electrical equipment manufacturing operations in Denver, Colorado.</p>  
<p>During the crypto downturn of 2022-2023, Bitcoin mining companies faced significant challenges as profit margins shrank, forcing them to restructure their operations to survive. Industry giant <a href="https://coincu.com/196951-core-scientific-files-for-chapter-11-plan/" rel="noopener noreferrer nofollow">Core Scientific</a> was one of the most notable casualties, while <a href="https://coincu.com/156138-argo-blockchain-avoids-bankruptcy/" rel="noopener noreferrer nofollow">Argo Blockchain</a> teetered on the brink of bankruptcy.</p>  
<p>Riot Platform also faced difficulties, having to shut down its Rockdale mining facility in Texas due to extreme weather conditions in late 2022. The snowstorm at that time tore down power lines and dangerously lowered temperatures, causing the Bitcoin hashrate to plummet by more than 30%.</p>  
<h2 class="wp-block-heading" id="riot-platform-s-bitcoin-strategy-echoes-microstrategy-s-approach">Riot Platform's Bitcoin Strategy Echoes MicroStrategy's Approach</h2>  
<p>Riot Platforms acquires BTC’s latest mirror strategies employed by companies like <a href="https://coincu.com/296285-mara-bitcoin-investment-boosted/" rel="noopener noreferrer nofollow">MARA Holdings</a> and MicroStrategy, the latter being the largest corporate Bitcoin holder with <a href="https://coincu.com/296064-microstrategy-bitcoin-purchase-expands/" rel="noopener noreferrer nofollow">423,650 BTC</a>.</p>  
<p>With this latest addition of BTC to its reserves, Riot Platform has increased its total Bitcoin holdings to <strong>16,728 BTC</strong>, equivalent to <strong>$1.68 billion</strong> - ranking it third on the list of publicly traded companies with the <a href="https://bitcointreasuries.net/" rel="noopener noreferrer nofollow">largest Bitcoin holdings globally</a>.</p>  
<figure class="wp-block-image aligncenter size-full"><img src="https://coincu.com/wp-content/uploads/2024/12/image-173-5.jpg" alt="" class="wp-image-296864">
 <figcaption class="wp-element-caption"><em>Public companies with the most Bitcoin as of December 13, 2024. Source: Bitcoin Treasuries</em>
 </figcaption>
</figure>  
<figure class="wp-block-table">
 <table class="has-luminous-vivid-orange-color has-text-color has-link-color has-fixed-layout">
  <tbody>
   <tr>
    <td><em><strong>DISCLAIMER</strong>:&nbsp;The information on<a href="https://coincu.com/" rel="noopener noreferrer nofollow"> this website</a> is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></td>
   </tr>
  </tbody>
 </table>
</figure>  <a href="https://coincu.com/?p=296858" rel="noopener noreferrer nofollow">Read original article on coincu.com</a>

Riot Platforms Acquires BTC, Total Holdings Reach 16,728 Bitcoin

Table of Contents

Coincu

Other articles published on Dec 13, 2024

Solana Surpasses Ethereum in Attracting New Developers: Report

Discover the Future of Trading with FATTY and Its FatBot, a Tool Poised for the Top 5 in the Market

Didn’t Believe XRP Could Make You Rich and Now It’s Out of Reach? This Layer 1 Web3 Project Offer...

Don’t Miss the Best Meme Coins to Join for Long Term: BTFD Coin Brings the Heat While Baby Doge C...

Bitcoin Exchanges' 2024 Deposit Entry Amounts Announced! Which Exchange is First? Here Are the De...

Invest $400 in These 5 Altcoins Today for a Shot at a $1.6 Million Portfolio – Gift Yourself an E...

Join our free newsletter for daily crypto updates!