Bitcoin

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<ul class="wp-block-list">
  
 <li>Riot Platforms' Bitcoin reserve soars to 16,728 BTC after a massive $510M purchase.</li>   
 <li>With the latest acquisition, Riot’s total BTC holdings now valued at $1.68 billion.</li>   
 <li>Riot executed one of 2024's largest Bitcoin buys, acquiring 5,117 BTC at $99,669 each.</li> 
</ul>   
<p>Riot Platforms, a Bitcoin mining company operating in Colorado, has increased its Bitcoin reserves after acquiring 5,117 BTC for $510 million. Through this acquisition, the company becomes one of the largest Bitcoin holders in the mining sector as more public companies embrace cryptocurrency as a treasury reserve.</p>   
<h2 class="wp-block-heading" id="h-riot-s-strategic-bitcoin-purchase"><strong>Riot’s Strategic Bitcoin Purchase</strong></h2>   
<p>Riot Platforms reported that it bought Bitcoin between December 10 and 12, 2024. The company utilized the available funds from its $525 million 0.75% senior convertible notes offering to finance the acquisition. The average price of BTC per coin, including fees, was $99,669, making the transaction one of Riot’s largest Bitcoin purchases.</p>   
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   https://twitter.com/RiotPlatforms/status/1867570759704420356 
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<p>With the latest purchase, Riot has Bitcoins valued at around $1.68 billion, or 16,728 BTC. This acquisition adds to the company’s reserves, which stood at 10,928 BTC at the end of October 2024. Riot also <a href="https://cryptonewsland.com/riot-platforms-to-issue-500-million-in-convertible-notes-for-expansion/" target="_blank" rel="noreferrer noopener sponsored nofollow">mined</a> 505 bitcoins in October and has not sold any for the past two months.</p>   
<p>The latest acquisition comes when Bitcoin surged to above $101,000, and market analysts expect the cryptocurrency to rise further in 2025.</p>   
<h2 class="wp-block-heading" id="h-bitcoin-acquisition-strategy-gains-momentum"><strong>Bitcoin Acquisition Strategy Gains Momentum</strong></h2>   
<p>Riot has joined other companies, such as MicroStrategy, which started buying bitcoins during the COVID-19 crisis to mitigate risks such as inflation and boost shareholder returns. Other companies have also adopted similar measures, such as <a href="https://cryptonewsland.com/?s=Marathon+Digital" target="_blank" rel="noreferrer noopener">Marathon Digital</a>, which recently purchased 11,774 BTC, which cost $1.1 billion.</p>   
<p>The approach reflects a trend in the industry where firms are using convertible debt instruments and other securities to finance the acquisition of cryptocurrencies. This strategy is used to improve balance sheet values while at the same time utilizing the opportunity for appreciation of Bitcoin. Riot Platforms has placed itself on this trajectory, positioning its growth with the advancement of the digital asset sector.</p>   
<p>The <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin</a> purchase occurs at the same time that Starboard Value, an activist investor, acquires a stake in Riot Platforms. Various sources indicate that, Starboard wants to transform some of Riot’s mining plants to housing hyperscalers, this due to increasing demand for AI related compute workloads.</p>   
<p>Riot had a difficult time in the third quarter reporting a net loss of $154.4 million, . The company also adjusted its projection for the 2025 hashrate from 56.6 EH/s to 46.7 EH/s. However, these challenges show that Riot is willing to advance securely by making appropriate acquisitions and enhancing facilities for the long-term development</p> 
<p>The post <a href="https://cryptonewsland.com/riot-boosts-holdings-with-5117-bitcoin-worth-510-million/">Riot Boosts Holdings with 5117 Bitcoin Worth $510 Million</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Riot Boosts Holdings with 5117 Bitcoin Worth $510 Million

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