Riot acquires 5,117 BTC for $510m

Riot Platforms has added to its growing Bitcoin holdings after the crypto miner and infrastructure provider acquired another 5,117 BTC for $510 million.

The Colorado-based Bitcoin (BTC) mining company announced its new acquisitions on December 13, stating that the acquisition followed the issuance of $525 million in convertible bonds. On December 11, Riot announced a $500 million convertible note offering, which was later increased to an additional $75 million.

The company’s latest BTC purchase is proceeds from this issuance; Purchase of 5,117 BTC netted at an average price of $99,669 per bitcoin. One industry player taking this by storm is Riot Platforms, as the “MicroStrategy” playbook is now a key part of many companies looking to hold Bitcoin in their treasuries.

Riot has $1.68 billion worth of BTC

The mining company has increased its total BTC holdings to 16,728 so far. The value of these assets is approximately $1.68 billion based on the last BTC price.

This is a notable increase in Riot’s holdings, considering the company had 10,928 BTC at the end of October 2024. Some of the growth before the latest acquisition includes the 505 BTC Riot mined in October; It had not made any sales in the previous two months.

Riot’s bullish outlook on BTC mirrors that of many other publicly traded companies. Hong Kong-listed Boyaa Interactive recently converted its Ethereum (ETH) holdings into BTC, a move that has made Japanese investment firm Metaplanet the “MicroStrategy of Asia.”

However, Metaplanet has been a prolific buyer of the flagship cryptocurrency, which analysts expect to rise to $200,000 by 2025 amid catalysts such as national governments pushing for strategic reserves of Bitcoin.

Miner Marathon Digital has also adopted a Bitcoin strategy. Other companies using this route are Thumzup, SOS Limited in China and Genius Group. MicroStrategy is the world’s largest holder of BTC, with 423,650 BTC purchased for approximately $25.6 billion.

Earlier this week, shareholders of tech giant Microsoft voted down a proposal aimed at adding Bitcoin to its treasury. But observers say this may only be short-term. The National Center for Public Policy Research think tank also filed a shareholder proposal urging Amazon to add Bitcoin to its corporate reserves.